Over the past two decades, agricultural demand has driven significant increases in food and land values. This study examined land value trends in Argentina's expanding agricultural belt, focusing on the dry periphery and its correlation with the more humid core. Analyzing real estate data (2000-2020), we found that core land values tripled, reaching levels comparable to the agricultural cores of the US and Brazil at 15-18 thousand USD/ha by 2018-2020, while the periphery's value ended up appreciated first but stabilized afterwards at levels of 35-40% from the core, convergent whit those observed in the dry peripheries of the US and Brazil. The stagnation of agricultural land values in Argentina´s periphery under a rising productivity context did not respond to increasing costs or declining grain prices and could be the result of perceived long-term limitations to agricultural production coming from climate risks and/or regulations. The fact that the periphery-core land valuation is lower than the periphery-core productive profit suggests that Argentina's agricultural frontier is advancing mainly driven by the incentives of immediate profit rather than longer-term speculation.