Dive Summary:
- Phillip Abbott, an agricultural economist at Purdue University, has recently expressed serious concerns for the continued and unrivaled dominance of the U.S. corn industry.
- After a 2007-2008 price spike, other countries have drastically increased their corn production to save money --an increase that is quickly catching up to America.
- Ethanol subsidies have also been a factor, with almost 40% of corn production going towards the fuel source.
From the article:
WEST LAFAYETTE, Ind. (AP) A Purdue University agricultural economist says America's role as the world's corn export king is on the decline.Purdue's Philip Abbott says that prior to a 2007-08 spike in commodity prices, the U.S. exported well over half of the corn that entered international markets. But since then he says high corn prices have caused the rest of the world to expand their production and become more self-sufficient.Abbott notes that about 40 percent of the corn grown in the U.S. is used for ethanol production to comply with a federal standard.Although American farmers have ...
