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The Pricing of Binspace—A Contribution to the Theory of Storage

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  • Allen B. Paul

Abstract

The short-run supply of grain storage is reexamined. A classical, positively-sloping function applies over most of the observed range. Because different grains compete for space, all grains were considered together. A novel method of computing price was used. This price of binspace is positively related to off-farm grain stocks and sales of grain off farms—each deflated by bin capacity. Sales are a major influence, reflecting current handling demands as opposed to pure storage demands. Handling demands seem to act as a storage supply shifter. The position slope suggests existence of convenience yields for uncommitted bins.

Suggested Citation

  • Allen B. Paul, 1970. "The Pricing of Binspace—A Contribution to the Theory of Storage," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(1), pages 1-12.
    • Handle: RePEc:oup:ajagec:v:52:y:1970:i:1:p:1-12.
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    File URL: http://hdl.handle.net/10.2307/1238157
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    Cited by:

    1. Zhu, Xiaohong, 2016. "New models to estimate costs of US farm programs," ISU General Staff Papers 201601010800006209, Iowa State University, Department of Economics.
    2. Bobenrieth Eugenio S.A. & Bobenrieth Juan R.A. & Wright Brian D., 2012. "Strict Concavity of the Value Function for a Family of Dynamic Accumulation Models," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 12(1), pages 1-11, April.
    3. Mario J. Miranda & Joseph W. Glauber, 2022. "A model of asynchronous bi‐hemispheric production in global agricultural commodity markets," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(2), pages 812-830, March.
    4. Colin A. Carter & Gordon C. Rausser & Aaron Smith, 2017. "Commodity Storage and the Market Effects of Biofuel Policies," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 99(4), pages 1027-1055.
    5. Zhu, Xiaohong, 2016. "New models to estimate costs of US farm programs," ISU General Staff Papers 3547, Iowa State University, Department of Economics.
    6. Wenbiao Wu & Yixing Yang & Charles S. Brennan & Wei Huang, 2014. "Natural food resources bank in the form of forestry and grassland: Scenarios to ensure sustainable food security," Natural Resources Forum, Blackwell Publishing, vol. 38(2), pages 109-117, May.
    7. Liu, Hsiang-Hsi, 1983. "An annual simultaneous equation econometric model of U.S. corn and soybean cash and futures markets," ISU General Staff Papers 198301010800009935, Iowa State University, Department of Economics.
    8. Irwin, Scott H., 2020. "Trilogy for troubleshooting convergence: Manipulation, structural imbalance, and storage rates," Journal of Commodity Markets, Elsevier, vol. 17(C).
    9. Zhou, Wei, 2015. "Three essays on modeling biofuel feedstock supply," ISU General Staff Papers 201501010800005728, Iowa State University, Department of Economics.
    10. Zulauf, Carl & Kim, Sanghyo, 2020. "U.S. Market Net Return and Risk to Storing Corn and Soybeans, 1974–2017," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2020.
    11. Dobrolyubova, Elena (Добролюбова, Елена), 2018. "Evaluation of the Effectiveness of Delegated Powers [Оценка Результативности И Эффективности Переданных Полномочий]," Working Papers 041839, Russian Presidential Academy of National Economy and Public Administration.

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