Letters to the Editor
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Subsitution Effect
I think we have the same bogeymen to point to even if rice production has gone up. It's clear demand has gone up more, and I don't think it's population growth. I don't know much about rice vs. corn in the commercial world, but I imagine they are good substitutes. Rising wheat product prices even without the reduction caused by shifts in land usage is likely to lead higher prices for all wheat products. It's still the ethanol bogeyman.