like China, where the average corn yield is 84 bushels an acre. China is working on its own GMO technol- ogy and with U.S. companies.

“Short to medium term, yield in- creases will come out of fertilizer and seed,” Whitehead says. But the cost of fertilizer may limit its use.

At the University of Tennessee’s Agricultural Analysis Center, econo- mist Daryll Ray remembers another era of a boom in agriculture, the 1970s, when 10 years of expansion preceded the bust of the 1980s.

“We have kind of awakened a sleeping giant,” he says. He expects a shorter boom than the 1970s. “We have put in place incentives to cause the market to drive in the opposite “My whole belief is now that we with good land and climate,” Roach direction in about four or five years.” have put bigger profits and prices says. “We will get surprising increases

Market adviser John Roach, who out there for all, that capital will flow in yields in those areas. visited Ukraine with U.S. farmer to every inefficient area in the world “I think the bottom of the range of investors last summer, sees an even the new price plateau could be seen shorter time frame. as soon as the fall of 2009,” he says.

 

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