“Yield gain of grains and cereals has exceeded global population since the early 1990s, and oil crops’ yield gain started outpacing population growth starting in the late 1990s. It’s no wonder that there has not been a scarcity price premium in these crop categories. Now, even without increasing acreage, production will exceed population growth by 50% driven just by yield gain in cereals and grains. The poor prices for crop producers reflect this supply and demand dynamic.” Which style of eating will the developing world follow? Food for Thought, Michael Swanson, Wells Fargo Chief Agricultural Economist.
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