Fatores de influência no preço do milho no Brasil [Factors that influence corn prices in Brazil]

Carlos Eduardo Caldarelli and Mirian Rumenos Piedade Bacchi
Additional contact information
Carlos Eduardo Caldarelli: UEL
Mirian Rumenos Piedade Bacchi: ESALQ/USP

Nova Economia, 2012, vol. 22, issue 1, 141-164

Abstract: The objective of this paper is to understand the dynamics of the Brazilian corn market by investigating the main factors affecting volumes and prices. Unit roots tests were taken using the DF-GLS - Dickey Fuller Generalized Least Square methodology, and Johansen's co-integration tests (1988). The estimated model for price adjustment was a Self-Regression Vector Error Correction Model – VEC, with identification by the Sims-Bernanke procedure. We conclude that there is a significant interaction between the corn and the soybean markets, which present a complementary relationship on the supply side and substitution relationship on the demand side. Additionally, we conclude that macroeconomic factors such as income and interest rates are important in determining corn prices for producers and on the wholesale market. It should be noted that external grain prices play a relatively important role in formation of domestic corn prices.

Keywords: corn; soybean; price; time series (search for similar items in EconPapers)
JEL-codes: C32 Q11 (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.scielo.br/scielo.php?script=sci_pdf&pid ... g=en&nrm=iso&tlng=pt (application/pdf)
http://www.scielo.br/scielo.php?script=sci_arttext ... g=en&nrm=iso&tlng=pt (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nov:artigo:v:22:y:2012:i:1:p:141-164

Ordering information: This journal article can be ordered from
Av. Antonio Carlos, 6627 - Predio da FACE Belo Horizonte, 31270-901 Brazil
https://revistas.fac ... dex.php/novaeconomia

Access Statistics for this article

Nova Economia is currently edited by Gustavo de Britto Rocha

More articles in Nova Economia from Economics Department, Universidade Federal de Minas Gerais (Brazil) Av. Antonio Carlos, 6627 - Predio da FACE Belo Horizonte, 31270-901 Brazil. Contact information at EDIRC.
Bibliographic data for series maintained by Lucas Resende de Carvalho ().