AN INITIAL LOOK AT THE TOKYO GRAIN EXCHANGE NON-GMO SOYBEAN CONTRACT

Genetically modified organisms (GMOs) such as soybeans and corn have garnered considerable consumer attention due to the concern over potential effects from using these commodities as inputs into food production. In the simplest form, segregation of bioengineered and non-bioengineered crops is an identity-preserved system. For these identity-preserved systems to exist, there must be a market discovery mechanism in place whereby supply and demand factors interact to establish a market price. In May 2000, the Tokyo Grain Exchange began a nongenetically modified organism (non-GMO) soybean contract. This article describes information garnered from the first public-offered identity-preserved marketplace.biotechnology, genetically modified organisms, identity-preserved markets, non-GMO, soybean contract, Tokyo Grain Exchange, Marketing,

AN EMPIRICAL ANALYSIS OF THE DEMAND FOR WHOLESALE PORK PRIMALS: SEASONALITY AND STRUCTURAL CHANGE

A set of inverse wholesale pork primal demand models were estimated to estimate wholesale pork primal own-quantity flexibility's, to determine seasonal price fluctuations, and to examine whether the flexibility's have changed in absolute magnitude over time. Results of this analysis indicate that there is the own-quantity flexibility for some primals differences by season with in the year. Additionally, it was determined that the own-quantity flexibility increased in magnitude (absolute value) over time for some of the primal cuts evaluated here. However, for Hams and Boston Butt the own-flexibility was either unchanged or increased over the period analyzed. Increased cold storage stocks for these primals may have been used to offset the price decline of 1998.Wholesale Pork Primals, Structural Change, Seasonality, Demand and Price Analysis, Livestock Production/Industries,

An Empirical Analysis of the Demand for Wholesale Pork Primals: Seasonality and Structural Change

This study focuses on estimating wholesale pork primal demand relationships in order to determine their own-quantity flexibilities, whether these flexibilities have changed over time, and seasonal price fluctuations. A set of equations for pork loin, rib, butt, ham, pork belly, and picnic primals was estimated. Monthly data over an 11-year period were used to determine that own-quantity flexibilities varied across months, that they increased in absolute value over time for some primal cuts, and cold-storage stocks were used as an inventory control measure to reduce price variation for some primal cuts.seasonality, structural change, wholesale pork primals, Demand and Price Analysis,

EMERGING IP MARKETS: THE TOKYO GRAIN EXCHANGE NON-GMO SOYBEAN CONTRACT

This research provides an overview of the development of the Tokyo Grain Exchange non-GMO soybean contract as an identity preserved futures contract. The development of this contract is unique, relative to the development of other new futures contracts, in that a mature conventional soybean futures contract exists. Particular attention is given to necessary conditions for development of a new futures contract. In evaluating these conditions it was determined that since inception of the Tokyo Grain Exchange non-GMO soybean futures contract, the contract functions like a mature futures contract. This is unique in comparison to results of other studies evaluating the development of futures contracts. Furthermore, the lack of a well defined and liquid cash non-GMO soybean market does not appear to hamper the development of the non-GMO futures contract.Marketing,

AN EMPIRICAL ANALYSIS OF THE DEMAND FOR WHOLESALE PORK PRIMALS: SEASONALITY AND STRUCTURAL CHANGE

A set of inverse wholesale pork primal demand models are estimated to determine the own-quantity flexibility, to ascertain seasonal price fluctuations, and to examine whether the flexibilities change in absolute magnitude over time. Results indicate that the own-quantity flexibility varied within the year. Also, it is determined that the own-quantity flexibility increased in magnitude (absolute value) over time for some of the primal cuts evaluated. However, for Hams the price flexibility became positive after early 1998. An increase in cold storage stocks of Hams may have led to the positive own-quantity flexibility and cold storage stocks may have been used to offset the potential Ham price decline of 1998.Demand and Price Analysis, Livestock Production/Industries,

EMERGING IP MARKETS: THE TOKYO GRAIN EXCHANGE NON-GMO SOYBEAN CONTRACT

This research provides an overview of the development of the Tokyo Grain Exchange non-GMO soybean contract as an identity preserved futures contract. The development of this contract is unique, relative to the development of other new futures contracts, in that a mature conventional soybean futures contract exists. Particular attention was given to established necessary conditions for the development of a new futures contract. In evaluating these conditions it was determined that since inception of the Tokyo Grain Exchange non-GMO soybean futures contract the contract has functioned like a mature futures contract. This is unique in comparison to results of other studies evaluating the development of futures contracts. Furthermore, the lack of a well defined and liquid cash non-GMO soybean market does not appear to have hampered the development of the non-GMO futures contract.Crop Production/Industries, Marketing,

Crop Basis Patterns in the Presence of Spatial Competition and Government Intervention

This draft is dated May 2002.This study analyzes the effect of the Loan Deficiency Payment (LDP) program, established under the Federal Agriculture Improvement Reform (FAIR) act of 1996, on corn and soybean basis pattern patterns in Missouri. Additionally, spatial competition is incorporated into the basis models. Using weekly corn and soybean basis pattern data from 1993 through 2001 for multiple locations in Missouri, and incorporating a variable for when the LDP is in effect, empirical models examining factors affecting corn and soybean basis pattern patterns are estimated. Results indicate that the presence of the LDP program has a significant economic impact on soybean basis. Furthermore, spatial competition strengthens corn basis.Partial funding for this project came from the Missouri Soybean Merchandising Council

Ag Update

Appears to have ceased in June 2001.Available through the Agricultural Electronic Bulletin Board.Ag Update is a weekly publication presenting information on current agricultural issues that are of interest to Extension personnel in keeping familiar with the current farm financial situation. Listed in the Ag Update newsletter are notes on government programs, updates on national marketing and production issues, and links to informational sources on the Web

Are Hedonic Second-Stage Characteristic Demand Reflective of Actual Characteristic Demands?

wheat protein, hedonic modeling, Rosen methodology, Demand and Price Analysis,

Determinants of Beef and Pork Brand Equity

Brand Equity, Pork, Beef, Hedonic Modeling, Livestock Production/Industries, Marketing,