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| The large grain transaction to the USSR in 1972 caught everyone in the production world off guard. For the next 4-5 years prices were supported by "how much grain will the Soviets import this year"? These were cold war years and import/export information was not in the news until after the fact. When Carter embargoed exports, that uncertainty was taken out of the mix and prices fell. With high interest rates, low prices and medium to high input costs, we had a farm depression by 1984-85. It lasted for 4+ years. The drought of 1988 helped bring prices back up, but with less to sell, farm income did not recover until '89-'90. | |
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NOT PREDICTING-DEJA VU ALL OVER AGAIN
