The world grain industry affects our daily lives in ways both large and small. It influences what we consume for breakfast, lunch, and dinner and provides at least 40 percent of the world's food supply. The U. S. and world grain industry affects our income, our investments, and global politics. As world population and therefore global demand for grain grows, the volume handled by the U. S. grain industry will continue to expand, demanding not only improvement in crop yields but also continued efforts to compete in increasingly sophisticated international markets. This newly revised, fully updated text provides a practical, comprehensive overview of grain marketing that is useful to both the upper-level undergraduate studying agricultural marketing and the professional working in the industry. Grain Marketing blends several approaches to the study of commodity marketing, combining the institutional, functional, market structure, and analytical and behavioral systems approach to grain marketing. The book includes basic background information for newcomers to the subject of agricultural marketing as well as more rigorous treatment of advanced subjects. The book's overall plan allows the student to follow the movement of the major grains- corn, wheat, and soybeans- from farm production to final consumption. Along the way, it provides a detailed description of the worldwide system, encompassing local and multinational corporations, state agencies and boards, national trade and agricultural policies, and the cash and futures markets that serve this industry.