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Demand behavior of U.S. high fructose corn syrup (HFCS) and its implication for the U.S. sweetener market: a cointegration analysis

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Author Info
Lee, Dae-Seob
Kennedy, P. Lynn
Abstract

This paper investigates the relationship between U.S. HFCS demand and refined sugar price. A cointegration analysis is utilized to investigate possible linkages between these markets. The coefficients on the ECM have the expected signs, and they measure adjustments towards long-run equilibrium. The study result also shows that there is cointegration in a relationship including, HFCS price, the refined sugar price, and income. the increase in HFCS demand would affect primarily the quantity of sugar imports negatively. However, this study does not necessarily support such a conclusion due to the exclusion of noneconomic factors such as change in consumer preference and health concern.

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Paper 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 19564.

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Date of creation: 2005
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Handle: RePEc:ags:aaea05:19564

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Keywords: Demand and Price Analysis;

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  1. Lopez, Rigoberto A., 1990. "Economic Surpluses In The U.S. Sugar Market," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 19(1), April. [Downloadable!]
  2. Lopez, Rigoberto A. & Sepulveda, Jorge L., 1985. "Changes In The U.S. Demand For Sugar And Implications For Import Policies," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 14(2), October. [Downloadable!]
  3. Moss, Charles B & Schmits, Andrew, 2002. "Price Behavior in the US Sweetener Market: A Cointegration Approach," Applied Economics, Taylor and Francis Journals, vol. 34(10), pages 1273-81, July. [Downloadable!] (restricted)
  4. Koo, Won & Taylor, Richard & Mattson, Jeremy, 2003. "Impacts Of The U.S.-Central America Free Trade Agreement On The U.S. Sugar Industry," Special Reports 23069, North Dakota State University, Center for Agricultural Policy and Trade Studies. [Downloadable!]
  5. John Freebairn & Bill Griffiths, 2006. "Introduction," The Economic Record, The Economic Society of Australia, vol. 82(s1), pages S1-S1, 09. [Downloadable!] (restricted)
  6. Rendleman, C. Matthew & Hertel, Thomas W., 1993. "Do Corn Farmers Have Too Much Faith In The Sugar Program?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(01), July. [Downloadable!]
  7. Evans, Edward & Ward, Ronald & Davis, Carlton G., 2001. "Time Varying Parameters In The Demand For High Fructose Corn Syrup," 2001 Annual meeting, August 5-8, Chicago, IL 20541, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  8. Elobeid, Amani & Beghin, John C., 2004. "Multilateral Trade and Agricultural Policy Reforms in Sugar Markets," Staff General Research Papers 11539, Iowa State University, Department of Economics. [Downloadable!]
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  9. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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