Daryll Ray, University of Tennessee professor and director of the college's Agricultural Policy Analysis Center, spoke to a group of Kansas farmers to present his views on world agriculture production.

Ray cautioned farmers not to look to agriculture as a continuous source of economic prosperity. He cited the current economic crisis and warned that future corn prices, instead of near $4.00 to $5.00 per bushel, may go in the opposite direction. He noted that Brazil and Ukraine are expanding their agricultural production. For years, farmers looked to China as a big export market. China, however, has been a net exporter of grain since 1996. China does import, but they export more than they import.

Secretary of Agriculture, Adrian Polansky, also spoke at the meeting and pointed out the benefits of ethanol production. He said that ethanol plants were employing upwards of 235 people in small towns in rural Kansas, Nebraska, and Iowa.

Do you expect food prices to decline this year?

Will food prices decline this year? originally appeared on BloggingStocks on Sat, 10 Jan 2009 18:40:00 EST. Please see our terms for use of feeds.