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PRICE LINKAGES IN THE INTERNATIONAL WHEAT MARKET AgEcon
Ghoshray, Atanu; Lloyd, Tim A..
This paper brings time series techniques to bear on the relationships between the prices of the principal types of wheat traded internationally. In all, the relationships between eleven wheat prices (categorised by wheat quality, harvest date and port of despatch) are scrutinised to uncover the structure of the wheat market implicit in the behaviour its prices reveal. The statistical evidence supports the notion of a highly integrated market that is segmented according to wheat strength-the principal determinant of end-use. Three segments are identified: a market for 'strong' (bread-making) wheat, another for 'weak' (confectionary products-making) wheat and a third for medium strength wheat suitable for unleavened breads and noodles. Whilst...
Tipo: Conference Paper or Presentation Palavras-chave: Wheat market; Price linkages; Irreducible cointegration vectors; Crop Production/Industries; International Relations/Trade.
Ano: 2003 URL: http://purl.umn.edu/25852
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