Journal Issue:
March 1997
Iowa Ag Review: Volume 3, Issue 1
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Dermot J. Hayes. is the head of CARD's Trade and Agricultural Policy Division and oversees the FAPRI work. He is a native of Ireland who moved to the United States in 1981 and came to lowa State University if 1986. Hayes is a professor in ISU's economics department.
Chinese consumers view products such as loins and tenderloins. as uninteresting and lacking in taste. Chinese dishes call for small pieces of strong-tasting products, and Chinese consumers will pay accordingly.
Although the quantity of U.S. agricultural exports will likely fall in fiscal year 1997, due to a decline in grain exports, they are expected to rebound quickly. The export level is projected to break the 200 mmt mark for the first time in history in 2005.
Iowa agriculture, generally, faces a positive outlook for the next 10 years. The increased and stable world economic growth, coupled with new government policies (GATI, NAFfA, and FAIR Act), will place the Iowa producers in an advantageous position. They will be able to have greater ability to respond to market signals and benefit from crop rotations. As a result, more soybeans will be planted (Figure I). Production of corn is expected to average 1.65 billion bushels in 1997-98 and rise to 1.80 billion bushels by 2005-06. Soybean production will increase to 440 million bushels in 1997·-98 and reach almost 500 million bushels by the end of the period Prices for these commodities will follow the U.S. average farm prices and are bullish relative to the past ten years (Figure 2).
In several past issues of the Iowa Ag Review we have written about baselines and scenarios that the Food and Agricultural Policy Research Institute (FAPRI) produces. This article will clarify what FAPRI is and what it does.