The relative prices and methods of utilization of edible beef offals in the United States and the European Community (EC) are compared. The importance of the US-EC beef offal trade is then discussed. This is followed by a historical overview of the current US-EC dispute regarding hormone use....

This paper assesses factors that potentially influence the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to...

This paper develops a method to jointly estimate crop yield elasticities and area elasticities with respect to output prices based on a theoretically consistent model. The model uses a duality theory approach for the multi-output and multi-input firm, and introduces uncertainty in the level of...

Options markets on agricultural commodities with maturities that exceed 13 months seldom trade. Our hypothesis is that this market failure is due to the absence of an accurate option pricing model for commodities where mean reversion can be expected. Standard option pricing models assume...

On average, U.S. farmers choose to apply nitrogen fertilizer at a rate that exceeds the ex post agronomically optimal rate. The technology underlying the yield response to nitrogen rewards producers who over apply in years when rainfall is excessive. The overapplication of nutrients has negative...

This paper examines the role of uncertaincrude oil prices, uncertain crop yields, andcompetition for acreage on corn, soybean, andswitchgrass prices under biofuel production mandates.We find enforcement of the cellulosic mandateis costly in that it raises equilibrium prices of all threecrops...

This study examines aggregate county income growth across the 48 contiguous states from 1990 to 2005. To control for endogeneity, we estimate a two-stage spatial error model and implement a number of spatial bootstrap routines to infer parameter significance. Among the results, we find that...

Projections of U.S. ethanol production and its impacts on planted acreage, crop prices, livestock production and prices, trade, and retail food costs are presented under the assumption that current tax credits and trade policies are maintained. The projections were made using a multi-product,...

This book brings together in one publication the latest information and research findings of internationally renowned experts to help market participants understand how best to utilize distillers grains both in the U.S. domestic market and in international export markets. The book discusses how...

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