| Abstrakt: |
This article discusses how U.S. farmers respond to changes in crop prices and how this affects trends in planted acreage. The study focuses on eight major row crops, including corn, soybeans, wheat, sorghum, barley, oats, cotton, and rice. Since 2000, the share of area planted to corn and soybeans has increased, largely due to their use as feedstock for biofuel production. In contrast, wheat's share of total area planted has decreased as corn and soybean prices have risen. The article also highlights the factors that influence farmers' planting decisions, such as expected profitability and the prices of alternative crops. The study found that for every 1% increase in corn prices, corn acreage planted increases by 0.210%, while soybean acreage planted declines by 0.115%. The ease of substituting crops depends on the growing conditions in each region. [Extracted from the article] |
