Wednesday, November 12, 2008

Oh yeah, this is really happening

WASHINGTON (AFP) — The United States, which prides itself on being the breadbasket of the world, will see its agricultural exports drop 10 percent next year and, for the first time since the late 1950s, will cease to be a net exporter of food, according to a government projection.

The forecast, released by the Department of Agriculture, said overseas sales of US agricultural products were expected to slide to 56 billion dollars in fiscal 2005, down from 62.3 billion the previous year, due to depressed world prices for grains, oilseeds and cotton, "and increased foreign competition."

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