Bruce Babcock is a professor of economics and the director of the Center for Agricultural andRural Development at Iowa State University. Professor Babcock’s research interests includeunderstanding agricultural commodity markets, the impacts of biofuels on U.S. and worldagriculture, the development of innovative risk management strategies for farmers, and theanalysis of agricultural and trade policies. Professor Babcock received his B.S. in economics ofresource use and his M.S. in agricultural economics from the University of California at Davis,and his Ph.D. in agricultural and resource economics from the University of California atBerkeley.