The fallacy that the U. S. as a grain producer could disregard conditions in the rest of the world, has been very sharply disproved by the boom in wheat-growing in Canada and the Argentine, and the stagnation in our own wheat belt. Production costs are so much lower in the two above-named countries that our wheat surplus can be exported only after their surpluses have been sold. Since their production is steadily growing, our own must as steadily decline.
Now the cotton trade is wondering if a somewhat similar...
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