David it was a world wide shortage of feed protein that cause the start of the price raise. Russia announced that they had the second year of their feed wheat fail so they would not be exporting any of it. This would have been in the late summer of 2010. Then you couple that with demand raising here in the US with the mandates for Ethanol usage. This caused a shortage of feed grains. It took 3-4 years for production world wide to rebound. Now there is a world wide large supply of feed grains.
The trouble is the record high prices brought ground into production world wide not just in the USA. Much of this ground will stay in production so the US production will not effect the crop as much as in the past. I think we could easily see many years of low prices.
What really key it to me was when I read several years ago that South Africa was exporting # 2 yellow corn. That proved to me that the high prices just expanded the production in countries where grain had not traditionally be raised. Look around you home area. How many pastures where ripped up??? How about over along HWY 1 where they did a lot of work just to gain 50-10 feet along that creek just north of Mt. Vernon?? Mush of these extra acres will stay in production.
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