And corn prices still have to double to get near the inflation-adjusted prices to give the farmer the same return as he had in August, 1973, just before the Six Day War and the Arab oil embargo shot fuel prices through the roof.
People in the US have had cheap food on the backs of farmers for nearly 40 years.
Thanks to the Fed and the Free Trade yahoos, we now have a situation where we have a huge trade deficit with China and about the only thing we have to export to China is food.
The Chinese can buy a tremendous amount of food with the trade surplus they have in US dollars that they no longer want to keep in the form of US Treasury debt.
Shouldn't coal be cheap in Newcastle?
We produce almost all of the world's surplus food. Our capacity to grow is so much we pay farmers to NOT grow, so that the oversupply will not bring the prices down even further.
If there is a surplus of supply, even after it is artificially kept low, and a growing but limited demand, why shouldn't prices be cheap at the point of production?
If you really meant August, 1973 that would be the Yom Kippur War.
If you really meant the Six Day War, that would be June, 1967.