Harvest-Time Protein Shocks and Price Adjustments in U.S. Wheat Markets
AbstractDynamic relationships between three classes of wheat are investigated using threshold VAR models incorporating the effects of protein availability. Changes in the stock of protein are found to generate significant impulse responses in the price of hard red spring wheat and hard red winter wheat but not soft red wheat. These impulse responses to identical changes in protein stocks are larger when the absolute deviation of protein stocks from normal levels are large. Shocks to the prices of individual classes of wheat result in complex impulse responses in the prices of the other wheats. Notably, however, a shock to the price of hard red winter weak appears to result in little or no impulse response in the price of hard spring wheat, though the opposite is not true.
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Bibliographic InfoPaper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19173.
Date of creation: 2005
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Other versions of this item:
- Goodwin, Barry K. & Smith, Vincent H., 2009. "Harvest-Time Protein Shocks and Price Adjustment in U.S. Wheat Markets," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 34(2), August.
- Goodwin, Barry K. & Smith, Vincent H., 2005. "Harvest-Time Protein Shocks and Price Adjustment in U.S. Wheat Markets," Agricultural Marketing Policy Center Agricultural Marketing Policy Papers 29156, Montana State University, Department of Agricultural Economics and Economics.
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