29. CBOT maize futures, March 2009 contracts Jan. 9: $4.10/bushel ($161/ton) Jan. 13: $3.62/bushel ($143/ton), down 12% Dec. estimate by USDA Jan. estimate by USDA Comments 2008 maize production 305.3 mil. tons 307.4 mil. tons More area, higher yields than previous estimate 2008/09 U.S. maize for ethanol 94.0 mil. tons 91.4 mil. tons Lower fuel prices have closed some plants 2008/09 U.S. maize used for livestock feed 135.9 mil. tons 134.6 mil. tons Less meat demand due to weak economy 2008/09 U.S. maize exports 45.7 mil. tons 44.5 mil. tons Weak global economy slows trade Sep. 1, 2009 U.S. maize stocks 37.4 mil. tons 45.5 mil. tons More production, less use mean more stocks
44. The Future of U.S. Agricultural Policy "Agricultural Policy in Transition: What's Next?" Brussels, Belgium January 14, 2009 Neil Conklin Farm Foundation
61. Changing Market Environment? Real U.S. Crop Farm Prices in year 2000 US dollars Source: January 08 FAPRI Baseline
62. Did we lose trust in MARKET INSTITUTIONS? ..said Thursday(Oct 23)that the current financial crisis had uncovered a flaw in how the free market system works that had shocked him.