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"For nearly two years, U.S. farmers and ranchers watched as the second shoe grew bigger and bigger," wrote columnist Alan Guebert in the December 7 Peoria Journal-Star. "On November 22, it officially dropped. According to U.S. Department of Agriculture Economic Research Service [ERS] estimates released that day, 2005 will be the first year in nearly 50 that America will not turn an agricultural trade surplus."
The fact that "America is about to become a net food importer for the first time in generations" constitutes "death-in-the-family news," Guebert continues. And "that news is made worse by the speed in which ag imports overtook ag exports. In August, ERS predicted a $2.5 billion ag trade surplus for 2005, the skinniest since 1972 but still a surplus. Three months later, though, ERS lowered 2005 exports ...