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Government Rail Car Regulation and the Price of Canola

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  • Colin A. Carter

Abstract

In this paper I analyze Canadian government regulation of rail transportation as it affects the domestic price of canola in both the street and futures market. The regulation gives rise to an idiosyncrasy: Vancouver canola futures and Vancouver spot prices do not converge, with futures trading at a significant premium to spot prices during the delivery month. As a result, Vancouver futures prices do not reflect international market conditions. I offer an explanation of the futures premium. In addition, I find that there is evidence to support a contention that a change in rail car policy in 1989 improved canola throughput efficiency in Vancouver and may have led to higher street prices. Copyright 1996, Oxford University Press.

Suggested Citation

  • Colin A. Carter, 1996. "Government Rail Car Regulation and the Price of Canola," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(3), pages 677-686.
    • Handle: RePEc:oup:ajagec:v:78:y:1996:i:3:p:677-686
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