Climate change slashes maize profits by 8% in 2012.
Maize gross margins were compared in different environmental conditions in 2011 and 2012 on farms in Serbia. The researchers used gross margin as a quick way to see which farms were most efficient economically. In 2012, there was less rain and higher temperatures, leading to lower maize yields. Despite higher maize prices, total production value decreased slightly. Total variable costs went up, causing the gross margin to decrease by about 8%.