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Agricultural Policy Review

Abstract

CAN YOU have too much of a good thing? In the case of agricultural products, the answer from a market perspective is yes. Over the past six years, the United States has produced a series of bumper crops, greatly expanded pork production, and seen a signiβicant rebound in beef production. But those production gains have come at the cost of lower prices and incomes. Arguably the largest challenge in agricultural markets today is βinding enough demand growth to keep pace with production increases.

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