Suppose the government sets a price floor of $2.85 per bushel on corn when the current price is $2.55. this price floor will cause a surplus of corn.
The Winchester bushel, a unit of measurement used in England from the 15th century until 1824, is regarded as the equivalent to the U.S. level bushel (or struck bushel), which measures 2,150.42 cubic inches (35,245.38 cubic cm). Four pecks, or 32 dry quarts, make up a bushel at the U.S. standard.
The nominal price of maize was predicted by the USDA's agricultural predictions for 2022, which were published in February 2022, to drop from $4.80 per bushel in 2022–2023 to $4.00 by 2026–2027 and then hold steady at that level through 2031–2022. The average price of maize for the current market year, according to more recent forecasts, is $6.65.
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