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You honestly think that there is enough production domestically that if china starts buying up our ag production en masse to make up for that kind of loss for 2 years there would not be some sort of pricing offset domestically?
I just find that hard to believe.
Some sort, not a lot.
December corn futures jumped to $3.60 a bushel when the flooding started in July, but are back down to $3.40 now, about where they were before July.
Recall that futures hit $8.00 back in 2012. There was a lot of whining, but little actual high food prices and it was back down to $4.23 by the next fall.
Also, back in 1974, corn hit $3.63 a bushel, a little more than it is now. Adjusted for inflation, that would be $19.08 in 2020 dollars.
We survived. Heck, we prospered, because the farm economy was strong.