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Abstract

Corn Is the leading U.S. crop, both in volume and in value. In 1982, farmers planted about 82 million acres in corn and harvested 8.2 billion bushels. The farm value of production totaled about $22 billion, about 30 percent of total farm receipts from crops. Rising corn yields and market prices strengthened corn farmers' cash flow positions in the late 1970's ; however, loan rates above market-clearing levels and a continued strong U.S. dollar have contributed to a decline in U.S. corn and coarse grain exports in recent years. Program costs averaged nearly $2.3 billion a year during 1978-82 crop years, or 11 percent of the $20 billion corn crop value. Higher feed grain prices stemming from the programs, however, constitute an indirect cost to the livestock sector and consumers.

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