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Registro completo
Provedor de dados:  AgEcon
País:  United States
Título:  Price Determination for Corn and Wheat: The Role of Market Factors and Government Programs
Autores:  Westcott, Paul C.
Hoffman, Linwood A.
Data:  2005-11-16
Ano:  1999
Palavras-chave:  Corn
Farm price
Price determination
Stocks-to-use ratio
Price supports
Commodity programs
Crop Production/Industries
Demand and Price Analysis
Resumo:  Annual models for U.S. farm prices for corn and wheat are developed based on market factors as well as government agricultural commodity programs. The pricing relationships utilize a stocks-to-use modeling framework to capture the effects of market supply and demand factors on price determination. This formulation is augmented by factors that represent the changing role of agricultural policies, particularly government price support and stockholding programs. For wheat, international market effects as well as wheat feed use and related crosscommodity pricing considerations also are included. Model properties and model performance measures are presented. Additionally, recent price-forecasting applications of the models are discussed. The relatively simple structure of the estimated price models and their small data requirements lend themselves to use in price-forecasting applications in conjunction with market analysis of supply and demand conditions. In particular, the models have been implemented into USDAís short-term market analysis and long-term baseline projections. In these applications, the models provide an analytical framework to forecast prices and a vehicle for making consistency checks among the Departmentís supply, demand, and price forecasts.
Tipo:  Report
Idioma:  Inglês
Identificador:  19099
Editor:  AgEcon Search
Relação:  United States Department of Agriculture>Economic Research Service>Technical Bulletins
Technical Bulletin No 1878
Formato:  30


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