The US has lost its dominant position in global agriculture. The Wall Street Journal reports that since 1985, the US share of global sales has shrunk from
- Soybeans: 77% down to 38%
- Corn: 56% down to 37%
- Wheat: 30% down to 15%
Brazil alone farms the same amount of land for soybeans as does the US, and has almost matched the US in annual production.
US farmers are now watching weather and crop reports for Brazil in order to time when to sell crops.
While farming is much less important to the US economy than it was in the 1920s, weakness in the sector was cited as a contributor to the Great Depression. It certainly contributes to balance of payments issues today.
- Jesse Newman and Jacob Bunge, “U. S. Farmers Fall Behind New Powers,” The Wall Street Journal, 11 April 2017, p.1.