Instability in U.S. Feed Grains Supply and Utilization

Scott Simpson and Luther Tweeten

Journal of Agricultural and Applied Economics, 1978, vol. 10, issue 2, 133-137

Abstract: Two basic economic problems that plague commercial agriculture are (1) a chronic cost-price squeeze brought about by input price inflation and other causes and (2) instability in economic outcomes brought about mainly by unpredictable weather which influences yields and production at home and abroad. The objective of this article is to estimate the sources of instability in U. S. feed grains supply and utilization. Because of the inelastic demand for feed grains, changes in the quantities produced, stored, and utilized, both domestically and abroad, are influential in determining price and income. Identifying past sources of instability provides background for possible future policy considerations to reduce price and income variation. The latter step is not considered here, although commodity stock levels necessary to offset variation in domestic production and export demand are estimated.

Date: 1978
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