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On what Factors the Wheat Production and Price Depends

Author

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  • Gábor Gyarmati

    () (Óbuda University)

Abstract

Wheat is a basic cereal in the catering in Europe. There are a lot of factors which can affect the price and quantity of this crop. The experts need to understand the main factors of price and quantity changes. The aim of this article is to find what factors can affect the price and production of wheat. Why is it so important and useful? With the knowledge of these factors, we can predict the volume and price of wheat based on explanatory variables. If these explanatory variables change, the characteristics of wheat would change expectedly. Using international and Hungarian bank, statistical, price data to find these factors, and some basic statistical methods (mainly correlation analysis) this paper examines the main factors influenced. The hypothesis of the article is that oil price, exchange rates, transportation, population increase, climate change are some of the main factors which can affect the question of this grain. The cost of transportation influences the price of wheat and there are some links between the characteristics of wheat and factors examined. The most significant factors are oil price, increase of population, and ruin of soils. The world commercial has to take into account these changes in the wheat markets. Preventing the ruin of soils is standard protocol for wheat production, but how to deal with an increasing population is a much more complex question.

Suggested Citation

  • Gábor Gyarmati, 2017. "On what Factors the Wheat Production and Price Depends," Proceedings- 11th International Conference on Mangement, Enterprise and Benchmarking (MEB 2017),, Óbuda University, Keleti Faculty of Business and Management.
  • Handle: RePEc:pkk:meb017:78-96
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    File URL: http://kgk.uni-obuda.hu/sites/default/files/07_Gyarmati.pdf
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    References listed on IDEAS

    as
    1. Saghaian, Sayed H., 2010. "The Impact of the Oil Sector on Commodity Prices: Correlation or Causation?," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 42(3), pages 477-485, August.
    2. Miguel Carriquiry & Fengxia Dong & Xiaodong Du & Amani Elobeid & Jacinto F. Fabiosa & Ed Chavez & Suwen Pan, 2010. "World Market Impacts of High Biofuel Use in the European Union," Food and Agricultural Policy Research Institute (FAPRI) Publications (archive only) 10-wp508, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    3. Du, Xiaodong & Yu, Cindy L. & Hayes, Dermot J., 2011. "Speculation and volatility spillover in the crude oil and agricultural commodity markets: A Bayesian analysis," Energy Economics, Elsevier, vol. 33(3), pages 497-503, May.
    4. Hanon, Tristan, 2014. "The New Normal: A Policy Analysis of the US Renewable Fuel Standard," SS-AAEA Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 2014, pages 1-22.
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    Keywords

    wheat production; effects; prices;

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