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

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Author Info
Fortenbery, T. Randall (U of Wisconsin)
Park, Hwanil
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 University of Wisconsin, Agricultural and Applied Economics in its series Staff Paper Series with number 523.

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Date of creation: Apr 2008
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Handle: RePEc:ecl:wisagr:523

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  1. 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!]
  2. 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!]
  3. 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. Seth Meyer, 2009. "Commentary," Regional Economic Development, Federal Reserve Bank of St. Louis, issue Apr, pages 74-77. [Downloadable!]
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