A Short-run Demand Flexibility System for U.S. Agricultural Commodities

Michael Adjemian and Aaron D. Smith

No 124911, 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington from Agricultural and Applied Economics Association

Abstract: Using five monthly revisions to USDA crop forecasts (Jul, Aug, Sep, Oct, & Nov), we estimate own‐ and cross‐commodity short‐run demand flexibilities for six domestic agricultural commodities. Our findings indicate that the corn supply influences the expected harvest‐time price of virtually every other major field crop. Moreover, as the share of the corn crop devoted to ethanol production grows, corn and soybean prices become more flexible, while the reverse it true for wheat and oats.

Keywords: Agricultural and Food Policy; Demand and Price Analysis (search for similar items in EconPapers)
Pages: 2
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea12:124911

DOI: 10.22004/ag.econ.124911

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