DO CORN FARMERS HAVE TOO MUCH FAITH IN THE SUGAR PROGRAM

Com producers frequently have been told that the sugar program provide s an important stimulus to com demand through its positive influence o n the high fructose com syrup sector. In this article we quantify the extent of this support and find it to be very small-not more than 3 ce nt per bushel, and probably less. Previous studies have overstated thi s effect due a lack of attention to the interindustry linkages in the sweetener complex.