Competitive Structure of U.S. Grain Exporters in the World Market : A Dynamic Panel Approach

The objective of this study is to analyze the competitive structure of U.S. wheat, corn, and soybeans exporters in the world market. A dynamic two-way panel estimator is utilized in the analysis in place of typically used two-way fixed effects panel estimator. A broader (in terms of the number of destination markets) and more recent data sample is analyzed in this study in comparison to previous studies in order to reflect vast changes that occurred in world grain markets during the last twenty years. Results indicate the presence of pricing-to-markets behavior by U.S. grain exporters overall, and toward some importing countries in particular