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Price Dynamics in U.S. Grain and Freight Markets

Author

Listed:
  • Tun-Hsiang (Edward) Yu
  • David A. Bessler
  • Stephen W. Fuller

Abstract

"This paper studies the spatial price linkages in U.S. grain and transportation markets using cointegration analysis and algorithms of inductive causation on directed acyclic graphs. Transport costs and prices from alternative transportation modes are considered to provide a relatively comprehensive view of the interaction between grain and freight markets over time. Dynamic relationship among corn prices in selected U.S. markets and freight rates, extending from January 1990 to December 2002, are explored. Results suggest the Mississippi Gulf (lower Mississippi River port area) is the most dominant corn market among evaluated export and domestic markets. Also, grain barge rates on the upper Mississippi/Illinois Rivers influence domestic corn markets in contemporaneous time. In the longer-run, significant dynamic relationships among prices in domestic and export corn markets and freight rates are observed; perturbations in transportation rates affect the variation in corn prices considerably." Copyright 2007 Canadian Agricultural Economics Society.

Suggested Citation

  • Tun-Hsiang (Edward) Yu & David A. Bessler & Stephen W. Fuller, 2007. "Price Dynamics in U.S. Grain and Freight Markets," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 55(3), pages 381-397, September.
  • Handle: RePEc:bla:canjag:v:55:y:2007:i:3:p:381-397
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1744-7976.2007.00098.x
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    Cited by:

    1. Kim, Man-Keun & Tejeda, Hernan & Yu, T. Edward, 2016. "Dynamic and Spatial Relationships in US Rice Markets," 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas 229784, Southern Agricultural Economics Association.
    2. Peri, Massimo & Baldi, Lucia, 2010. "Vegetable oil market and biofuel policy: An asymmetric cointegration approach," Energy Economics, Elsevier, vol. 32(3), pages 687-693, May.
    3. repec:pal:marecl:v:20:y:2018:i:2:d:10.1057_s41278-016-0005-0 is not listed on IDEAS
    4. Axarloglou, Kostas & Visvikis, Ilias & Zarkos, Stefanos, 2013. "The time dimension and value of flexibility in resource allocation: The case of the maritime industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 52(C), pages 35-48.
    5. Axarloglou, Kostas & Visvikis, Ilias & Zarkos, Stefanos, 2012. "The Time Dimension And Value Of Flexibility In Resource Allocation: The Case Of The Maritime Industry," DUTH Research Papers in Economics 2-2012, Democritus University of Thrace, Department of Economics.
    6. Lemus, David MagaƱa & Bessler, David A., 2014. "Price Dynamics in Agricultural Markets: Relationships between the U.S. and Mexico," 88th Annual Conference, April 9-11, 2014, AgroParisTech, Paris, France 169736, Agricultural Economics Society.

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