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Illinois corn crop ©Photo by James Baltz on Unsplash Many issues affecting the farming sector were touched on, including a farm bill, livestock laws, and trade agreements with other countries.
Corn prices on the Chicago Board of Trade dropped from US$7.99 per bushel in June to US$3.74 per bushel in mid-December; wheat and rice prices experienced similar decreases. [159] The UN's Food and Agriculture Organization, however, warned against "a false sense of security", noting that the credit crisis could cause farmers to reduce plantings ...
Other analysts say it adds around 20 percent, or just under 80 cents per bushel at current prices. Those estimates hint that $4 per bushel corn might be priced at only $3 without demand for ethanol fuel." [16] University of Wisconsin researchers determined the RFS caused corn prices to be 30% higher and other crops 20% higher. [17]
“There is no domestic market for the amount of corn, soybeans, wheat, and other agricultural products that we now export in significant quantities,” he said. Meanwhile, as crop prices decline, farmers might see their fertilizer bill jump because 85% of the potash American farmers use in fertilizer comes from Canada, which also supplies some ...
In the United States, 40% of the acreage designated for corn grain is used for corn ethanol production, of which 25% was converted to ethanol after accounting for co-products, leaving only 60% of the crop yield for human or animal consumption. [30] Growing corn to fuel internal combustion vehicles is a highly inefficient use of land.
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During the 2008 financial crisis corn prices, fell 50% from their July 2008 high by October 2008, in tandem with other commodities, including oil, while corn ethanol production continued unabated. "Analysts, including some in the ethanol sector, say ethanol demand adds about 75 cents to $1.00 per bushel to the price of corn, as a rule of thumb.
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