Modeling the Japanese feed grain market

This study develops two Japanese feed grains importation models. Model I considers only the Japanese market and consists of five different sub-models; the feed grain and oil seed imports, the commercial mixed-feed market, the processed food products market, the livestock products market, and the sources of feed-grain imports. This study also tries to capture Japanese policies on reducing rice stock surpluses by stimulating rice use in mixed-feeds, and diversifying the source of feed grain imports;There are 39 endogenous variables in Model I. The thirty-nine structural equations consist of: thirty estimated equations, 3 identity equations, and 6 market-clearing conditions. The model under study emphasizes the corn market;The second model in this study tries to develop an equation for world corn demand. World corn demand is comprised of Japanese corn imports, the European Economic Community's (EEC) corn imports, and the rest of the world corn imports. This model assumes the world supply of corn is predetermined. The world corn price is determined by world corn demands.