Harvest-Time Protein Shocks and Price Adjustment in U.S. Wheat Markets

Barry Goodwin () and Vincent H. Smith

No 29156, Agricultural Marketing Policy Papers from Montana State University, Department of Agricultural Economics and Economics, Agricultural Marketing Policy Center

Abstract: Dynamic relationships between three classes of wheat are investigated using threshold VAR models incorporating the effects of protein availability. Changes in the stock of protein are found to generate significant impulse responses in the price of hard spring red wheat and hard red winter wheat but not soft red wheat. These impulse responses to identical changes in protein stocks are larger when the absolute deviations of protein stocks from normal levels are large. Shocks to the prices of individual classes of wheat result in complex impulse responses in the prices of the other wheats. Notably, however, a shock to the price of hard red winter wheat appears to result in little or no impluse response in the price of hard spring wheat, though, importantly, the opposite is not true.

Keywords: Demand; and; Price; Analysis (search for similar items in EconPapers)
Pages: 16
Date: 2005
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https://ageconsearch.umn.edu/record/29156/files/pp050005.pdf (application/pdf)

Related works:
Journal Article: Harvest-Time Protein Shocks and Price Adjustment in U.S. Wheat Markets (2009)
Working Paper: Harvest-Time Protein Shocks and Price Adjustments in U.S. Wheat Markets (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:mosmpp:29156

DOI: 10.22004/ag.econ.29156

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