Corn is the leading U.S. crop, both in volume and in value. In 1987, farmers planted about 65 million acres and harvested 7.1 billion bushels. The farm value of production totaled about $13 billion, about 36 percent of farm receipts from crops. Rising corn yields and market prices strengthened corn farmers' cash flow positions in the late 1970's; however, per bushel real returns above cash expenses declined in recent years. Lower loan rates, the issuance and exchange of generic certificates, and devaluation of the U.S. dollar relative to the mid-1980's all contributed to the growth of U.S. corn exports in recent years. Government program costs for corn averaged more than $4.6 billion a year during the 1984-88 crop years, or 30 percent of the $15.7 billion corn crop value. Higher feed grain prices stemming from the programs comprise an additional cost to the livestock sector and consumers.
