The impact of multiple volatilities on import demand for U.S. commodities: the case of soybeans

Qiang Zhang, Michael Reed and Sayed Saghaian
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Qiang Zhang: Department of Agricultural Economics, University of Kentucky, Lexington, KY 40546-0276, Postal: Department of Agricultural Economics, University of Kentucky, Lexington, KY 40546-0276

Agribusiness, 2010, vol. 26, issue 2, 202-219

Abstract: The focus of this study is the effects of exchange rate, commodity price, and ocean freight cost risks on import demand with forward-futures markets. The case of U.S. and Brazilian soybeans is analyzed empirically using monthly data. A two-way error component two-stage least squares procedure for panel data is used for the analysis. Risk for these three effects is measured by the moving average of the standard deviation. Major soybean importers are sensitive to exchange rate risk. Importing countries in general are not sensitive to soybean price and ocean shipping cost risks for Brazilian or U.S. soybeans. © 2010 Wiley Periodicals, Inc.

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:26:y:2010:i:2:p:202-219

DOI: 10.1002/agr.20214

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