Pro gres sively lower feed ef fi ciency raises the world price of ce real feed to the point where sub sti- tutes be come cost- effective. Pro duc tion shifts from re gions and com modi ties that can not un der take these sub sti tu tions at low enough cost to those that can. Coun tries such as Ar gen tina, with large pro duc tion ca pac ity on ranges, are fa vored in the “pes si mis tic” sce nario be cause they can com pete more eas ily, with more ex pen sive lot- fed beef, for ex am ple. The.
