Agricultural policy: High commodity and input prices

Andrew Schmitz, Hartley Furtan, Troy Schmitz

Research output: Contribution to journalArticle

3 Scopus citations

Abstract

Because of high commodity prices, beginning in 2006, subsidies to farmers in the United States, the European Union, and Canada have been reduced significantly. However, significant losses have been experienced by the red meat sector, along with escalating food prices. Because of rising input costs, the "farm boom" may not be as great as first thought. Ethanol made from corn and country-of-origin labeling cloud the U.S. policy scene. Higher commodity prices have caused some countries to lower tariff and non-tariff barriers, resulting in freer commodity trade worldwide. Policymakers should attempt to make these trade-barrier cuts permanent and should rethink current policy legislation to deal with the possibility of a collapse of world commodity markets. Agricultural commodity prices have dropped significantly since early 2008.

Original languageEnglish (US)
Pages (from-to)18-35
Number of pages18
JournalAgricultural and Resource Economics Review
Volume38
Issue number1
DOIs
StatePublished - Apr 2009

Keywords

  • Agricultural policy
  • High commodity prices
  • Input prices

ASJC Scopus subject areas

  • Agronomy and Crop Science
  • Economics and Econometrics

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