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The Dynamics of Supply: U.S. Corn and Soybeans in the Biofuel Era

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Abstract

We estimate U.S. corn and soybean supply responses by exploiting the large exogenous price variations associated with implementation of the Renewable Fuel Standard. We focus on recent years and on the twelve Midwestern states, and estimate a system of dynamic equations that is consistent with the role of crop rotation. Corn and soybean acreages respond more in the short run than in the long run. Cross-price elasticities of acreage responses are negative and fairly large in absolute value such that, when corn and soybean prices move together, the response of total acreage allocated to these two crops is extremely inelastic. Key Words: acreage response, biofuels, crop rotation, system of dynamic equations, yield response

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  • Hyunseok Kim & GianCarlo Moschini, 2018. "The Dynamics of Supply: U.S. Corn and Soybeans in the Biofuel Era," Center for Agricultural and Rural Development (CARD) Publications 18-wp579, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    • Handle: RePEc:ias:cpaper:18-wp579
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    Keywords

    acreage response; biofuels; crop rotation; system of dynamic equations; yield response;
    All these keywords.

    JEL classification:

    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices

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