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Estimating Price Variability In Agriculture: Implications For Decision Makers

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Author Info

  • Ray, Daryll E.
  • Richardson, James W.
  • Torre Ugarte, Daniel de la
  • Tiller, Kelly

Abstract

Using a stochastic version of the POLYSYS modeling framework, an examination of projected variability in agricultural prices, supply, demand, stocks, and incomes is conducted for corn, wheat, soybeans, and cotton during the 1998-2006 period. Increased planting flexibility introduced in the 1996 farm bill results in projections of significantly higher planted acreage variability compared to recent historical levels. Variability of ending stocks and stock-to-use ratios is projected to be higher for corn and soybeans and lower for wheat and cotton compared to the 1986-96 period. Significantly higher variability is projected for corn prices, with wheat and soybean prices also being more variable. No significant change in cotton price variability is projected.

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File URL: http://purl.umn.edu/15100
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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 30 (1998)
Issue (Month): 01 (July)
Pages:

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Handle: RePEc:ags:joaaec:15100

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: POLYSYS model; Price variability; Stochastic simulation; Crop Production/Industries;

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Cited by:
  1. Khanna, Madhu & Isik, Murat & Winter-Nelson, Alex, 2000. "Investment in site-specific crop management under uncertainty: implications for nitrogen pollution control and environmental policy," Agricultural Economics, Blackwell, vol. 24(1), pages 9-21, December.
  2. Isik, Murat & Khanna, Madhu & Winter-Nelson, Alex, 2000. "Sequential Investment In Site-Specific Crop Management Under Output Price Uncertainty: Implications For Nitrogen Pollution Control," 2000 Annual meeting, July 30-August 2, Tampa, FL 21875, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure For Estimating And Simulating Multivariate Empirical (Mve) Probability Distributions In Farm-Level Risk Assessment And Policy Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(02), August.
  4. Jindřich Špička, 2009. "The Risk Analysis in the Agricultural Enterprises using Earnings at Risk Method," Ekonomika a Management, University of Economics, Prague, vol. 2009(3).
  5. Goodwin, Barry K., 2000. "Instability And Risk In U.S. Agriculture," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 18(1), March.
  6. Lihong Lu McPhail & Bruce A. Babcock, 2008. "Short-Run Price and Welfare Impacts of Federal Ethanol Policies," Center for Agricultural and Rural Development (CARD) Publications 08-wp468, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  7. Schnepf, Randall D. & Goodwin, Barry K., 1999. "Long-Run Price Risk In U.S. Agricultural Markets," 1999 Annual meeting, August 8-11, Nashville, TN 21687, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Lihong Lu McPhail & Bruce A. Babcock, 2008. "Ethanol, Mandates, and Drought: Insights from a Stochastic Equilibrium Model of the U.S. Corn Market," Center for Agricultural and Rural Development (CARD) Publications 08-wp464, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  9. Adams, Gary M. & Young, Linda M., 1998. "Structural Developments In The U.S. Grains Subsector," Economic Harmonization in the Canadian\U.S.\Mexican Grain-Livestock Subsector; Proceedings of the 4th Agricultural and Food Policy Systems... 1998 16768, Farm Foundation, Agricultural and Food Policy Systems Information Workshops.

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