Acreage functions for wheat, incorporating variables that reflect the value of voluntary acreage diversion programs to producers, are estimated fro 1962-76. The elasticities of response to such programs are generally low in comparison to those for market price, indicating that the reduction of...

Estimates are presented of potential variability in real world price and its source. The estimated variance of potential deviations from trend has roughly doubled since 1960/61. The bulk of this variability is attributable to the effects of fluctuations in domestic production in LDC and CPC...

The relative decline in wheat consumption in the developed countries is reducing the potential stabilizing effect on the world market of freer trade in these countries. Furthermore, the growing role of centrally planned countries as importers is increasing the potential instability in world...