An Economic Appraisal of the U. S. Tung Oil Economy

Jimmy L. Matthews and Abner W. Womack

Journal of Agricultural and Applied Economics, 1970, vol. 2, issue 1, 161-168

Abstract: Tung has been a preferred natural drying oil because of the high gloss finish, durability and water resistance qualities which it imparts to paint, varnish and lacquer products. However, increased competition from chemical synthetics, combined with lower prices for other natural oils since the early 1950's, has brought a decline of domestic tung oil consumption from 72.4 million pounds in 1950-51 to around 32 million pounds in 1968–69. The mandatory support program, initiated in 1948, obligates the Commodity Credit Corporation to support tung oil prices to growers at a minimum 65 percent of parity or at 24.3 cents per pound in 1968. Large accumulations of CCC stocks, close to 63 million pounds in 1966, triggered a change in CCC inventory policy.

Date: 1970
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