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Corn prices are now up about 10% over the past month. The surge came after prices hit 2020 lows last year due to oversupply, which eroded farmers' incomes and hit the rural economy hard.
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The US is the world's largest producer of corn. [8] According to the United States Department of Agriculture (USDA), the average U.S. yield for corn was 177 bushels per acre, up 3.3 percent over 2020 and a record high, with 16 states posting state records in output, and Iowa reporting a record of 205 bushels of corn per acre.
The Bank of the United States also contracted its lending. The price of agricultural commodities fell by almost 50 percent from the high in 1815 to the low in 1821. These commodities' prices did not recover until the late 1830s, although to a significantly lower price level. Most damaging was the price of cotton: the U.S.'s main export.
In southern Illinois, the second biggest corn-producing state, farmers could actually lose up to $160 an acre growing corn this year, based on corn prices and the cost of production, University of ...
Lost in the corn hubbub has been the rise of wheat, barley, and other grains. Grains as a whole (pun intended) have risen 54% in the last year, an increase that is devastating for food ...
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History of the United States Food Administration, 1917–1919 (1941) online edition; Nourse, Edwin Griswold. Three years of the Agricultural Adjustment Administration (1937) online edition; Perren, Richard, "Farmers and Consumers under Strain: Allied Meat Supplies in the First World War," Agricultural History Review (Oxford), 53 (part II, 2005 ...