Clearly U.S. agriculture has excess capacity. U.S. consumption plus foreign sales were 5-10% less than production in 1981 and 82. Except for massive and expensive supply control, 1983 production would similarly exceed the weak current demand. Stocks of corn and rice at the end of the current marketing year will be about 50% of this year's utilization. For wheat and cotton the carryover into next year will be about 70% of this years' disappearance...
Harl, Neil; Starleaf, Dennis; Wisner, Bob; Futrell, Gene; Gratto, Charles; Paulsen, Arnold; Baumel, C. Phillip; Heady, Earl; Miranowski, John; and Boehlje, Michael, "The Next Generation Of U.S. Farm Policies" (1983). ISU Economic Report Series. 11.