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Uncovering Dominant-Satellite Relationships in the U.S. Soybean Basis: Temporal Causation and Spatial Dependence

Author

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  • Lewis, Daniel A.
  • Kueth, Todd H.
  • Manfredo, Mark R.
  • Sanders, Dwight R.

Abstract

This study examines the degree to which market information is shared in discovering the local basis. The analysis draws from tests of temporal causation and spatial dependence of weekly county-level soybean basis values across 13 markets. Time series analysis shows that local soybean basis levels have some tendency to follow basis levels at export locations (Toledo and U.S. Gulf). Processing centers tend to show the most independence in basis discovery. Spatial statistics suggest a similar phenomenon in which basis values at interior locations are highly correlated with neighboring locations. The patterns of spatial correlation appear consistent throughout the growing season.

Suggested Citation

  • Lewis, Daniel A. & Kueth, Todd H. & Manfredo, Mark R. & Sanders, Dwight R., 2012. "Uncovering Dominant-Satellite Relationships in the U.S. Soybean Basis: Temporal Causation and Spatial Dependence," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 30(1).
    • Handle: RePEc:ags:jloagb:260180
    DOI: 10.22004/ag.econ.260180
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    Cited by:

    1. Bradley Isbell & Andrew M. McKenzie & B. Wade Brorsen, 2020. "The cost of forward contracting in the Mississippi barge freight river market," Agribusiness, John Wiley & Sons, Ltd., vol. 36(2), pages 226-241, April.

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    Keywords

    Farm Management;

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