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The Effect of Ethanol Production on the U.S. National Corn Price

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Author Info
Park, Hwanil
Fortenbery, T. Randall
Abstract

A system of equations representing corn supply, feed demand, export demand, food, alcohol and industrial (FAI) demand, and corn price is estimated by three-stage least squares. A price dependent reduced form equation is then formed to investigate the effect of ethanol production on the national average corn price. The elasticity of corn price with respect to ethanol production is then obtained. Results suggest that ethanol production has a positive impact on the national corn price and that the demand from FAI has a greater impact on the corn price than other demand categories. Thus, significant growth in ethanol production is important in explaining corn price determination.

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Paper provided by NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management in its series 2007 Conference, April 16-17, 2007, Chicago, Illinois with number 37565.

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Date of creation: Apr 2007
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Handle: RePEc:ags:nccsci:37565

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Related research
Keywords: corn price; ethanol; simultaneous equations; three-state least squares; elasticity;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Pothidee, Ajchara & Allen, Albert J. & Hudson, Darren, 1999. "Impacts Of Corn And Soybean Meal Price Changes On The Demand And Supply Of U.S. Broilers," 1999 Annual meeting, August 8-11, Nashville, TN 21602, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Tomek, William G. & Myers, Robert J., 1993. "Empirical Analysis Of Agricultural Commodity Prices: A Viewpoint," Working Papers 6847, Cornell University, Department of Applied Economics and Management. [Downloadable!]
  3. S. Devadoss & Patrick C. Westhoff & Michael D. Helmar & Eric Grundmeier & Karl D. Skold & William H. Meyers & Stanley R. Johnson, 1989. "FAPRI Modeling System at CARD: A Documentation Summary, The," Center for Agricultural and Rural Development (CARD) Publications 89-tr13, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  4. Taylor, Richard D. & Mattson, Jeremy W. & Andino, Jose & Koo, Won W., 2006. "Ethanol'S Impact On The U.S. Corn Industry," Agribusiness & Applied Economics Report 23512, North Dakota State University, Department of Agribusiness and Applied Economics. [Downloadable!]
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  1. Zheng, Hualu & Muhammad, Andrew & Herndon, C.W., 2009. "The Impacts of Ethanol on the US Catfish Farm Sector," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 46248, Southern Agricultural Economics Association. [Downloadable!]
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