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Food before Biodiesel Fuel?

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  • Hao, Na
  • Colson, Gregory
  • Karali, Berna
  • Wetzstein, Michael E.

Abstract

Biodiesel has recently drawn attention because of its potential to make an important contribution to national energy security and the environment. However, the rapid growth of biodiesel has raised concerns about biodiesel’s impact on the price level and volatility of agricultural commodities. To address these concerns this research investigates the short- and long-run relationships between agricultural commodity and fuel markets, and finds interdependencies between the two. The causal linkage between biodiesel and soybean prices is very weak, indicating little likelihood of biodiesel triggering another food crisis. In contrast, oil price shocks have major influence on both fuel and agricultural commodity prices.

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File URL: http://purl.umn.edu/143078
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Bibliographic Info

Paper provided by Southern Agricultural Economics Association in its series 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida with number 143078.

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Date of creation: 2013
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Handle: RePEc:ags:saea13:143078

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Related research

Keywords: Biodiesel; Corn; Soybean; Vector error correction model(VECM); Agribusiness; Agricultural and Food Policy; Crop Production/Industries; Demand and Price Analysis; Environmental Economics and Policy; Resource /Energy Economics and Policy;

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  1. Pavel Ciaian & d'Artis Kancs, 2009. "Interdependencies in the Energy-Bioenergy-Food Price Systems: A Cointegration Analysis," EERI Research Paper Series EERI_RP_2009_06, Economics and Econometrics Research Institute (EERI), Brussels.
  2. Stefan Busse & Bernhard Brümmer & Rico Ihle, 2012. "Price formation in the German biodiesel supply chain: a Markov-switching vector error-correction modeling approach," Agricultural Economics, International Association of Agricultural Economists, vol. 43(5), pages 545-560, 09.
  3. McPhail, Lihong Lu, 2011. "Assessing the impact of US ethanol on fossil fuel markets: A structural VAR approach," Energy Economics, Elsevier, vol. 33(6), pages 1177-1185.
  4. Gal Hochman & Scott Kaplan & Deepak Rajagopal & David Zilberman, 2012. "Biofuel and Food-Commodity Prices," Agriculture, MDPI, Open Access Journal, vol. 2(3), pages 272-281, September.
  5. McPhail, Lihong Lu & Du, Xiaodong & Muhammad, Andrew, 2012. "Disentangling Corn Price Volatility: The Role of Global Demand, Speculation, and Energy," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 44(03), August.
  6. Kristoufek, Ladislav & Janda, Karel & Zilberman, David, 2012. "Correlations between biofuels and related commodities before and during the food crisis: A taxonomy perspective," Energy Economics, Elsevier, vol. 34(5), pages 1380-1391.
  7. David Zilberman & Gal Hochman & Deepak Rajagopal & Steve Sexton & Govinda Timilsina, 2013. "The Impact of Biofuels on Commodity Food Prices: Assessment of Findings," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 95(2), pages 275-281.
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