MARKET STRUCTURE AND SPATIAL PRICE DYNAMICS

A method was developed with time series models to test hypotheses about the relationship between market structure and spatial price dynamics. Long-run dynamic multipliers measuring the magnitude of lagged adjustments for spatial milled rice prices were calculated from the time series model and used as the dependent variable in a regression model that included a number of factors expected to influence price determination. Results show that price adjustments were slower as regional submarket concentration increased and were faster in the regions with a higher market share. Arkansas, the state with the largest market share, was consistently a price leaderDemand and Price Analysis, Industrial Organization,

SOME EFFECTS OF RICE QUALITY ON ROUGH RICE PRICES

Quality discounts and premiums for rough rice in Texas rice bid/acceptance markets are analyzed. The most important quality factors determining the value of rough rice are head yield and peck. A one percentage point reduction in peck damage raises the price received per hundredweight of rough rice by $.13 to$.68 across markets and years. Since peck damage can be reduced by controlling the rice stinkbug, evaluation of alternative methods for better control of this pest in Texas rice fields is needed.Demand and Price Analysis,

IMPACTS OF PRICE VARIABILITY ON MARKETING MARGINS AND PRODUCER VIABILITY IN THE TEXAS WHEAT INDUSTRY

The effects on marketing margins and Texas what producers of shifting from a period with stable prices to a period without stable prices were investigated using both econometric and simulation techniques. Empirical evidence reveals wheat export firms are risk averse and that either futures markets were unable to absorb increased price risk or futures markets absorbed increased price risk at a cost of $0.054 per bushel. Increased variability in prices and reduced farm program benefits substantially reduced the probability of Texas wheat producers receiving a reasonable return on equity and a reasonable rate of asset accumulation.Crop Production/Industries, Marketing,

EFFECT OF PROPOSED GRAIN STANDARDS ON MARKETING COSTS OF THE U.S. SORGHUM SECTOR: AN INTERREGIONAL TRANSSHIPMENT-PLANT LOCATION MODEL

Recent legislative initiatives call for studies to evaluate costs associated with cleaning U.S. grains to meet more stringent standards. This paper reports on a study which developed a mixed-integer programming model of the U.S. sorghum sector to (1) determine the least-cost geographic location for new cleaning investment at the country, terminal and port elevator stages of the marketing system and (2) measure additional system marketing costs associated with implementing the proposed standards. Results show the least-cost cleaning location to be at country and terminal elevators in excess supply regions. Implementing the proposed standard would increase system costs about 2 percent.Grain quality, Plant location, Sorghum, Mixed-integer, Crop Production/Industries, Marketing,

Drivers of Pasture Growth in Perennial Ryegrass Pastures in Northern New Zealand Dairy Pastures

The critical importance of pasture production to New Zealand’s economic performance has been widely recognised. However, a number of critical issues have been identified that limit dairy industry growth, including sub-optimal pasture condition and poor pasture persistence. Dairy farm systems in the Waikato and Bay of Plenty provinces in the upper North Island of New Zealand are predominantly pasture-based, with a temperate climate and they represent around 30% of New Zealand’s total number of dairy farms (LIC and DairyNZ, 2012). This project was established to quantify pasture performance and identify factors that drive that performance. We established a network of on-farm trials where case studies of pasture renewal practices and outcomes were developed. Ten farms in each province were monitored for three consecutive years – four paddocks from each province are considered here

Economic Impacts of Farm Program Payment Limits

The high levels of government payments to farmers resulting from the 1985 farm bill have once again led the Congress to examine the payment limit issue. Payment limits were initially established in 1970 and have since been revised several times. In this report, policy and farm management economists analyze the consequences of alternative payment limits on economic efficiency, economic viability of family-size farms, international competitiveness, and consumer food costs. Effective payment limits encourage reduced farm size and in the presence of economies of size, tend to increase production costs for program crops. The Agricultural and Food Policy Center is charged with evaluating economic impacts of policy alternatives -- not recommending, advocating, or opposing particular policies. The Center's orientation is toward Texas agriculture -- evaluating policy impacts on its producers and consumers. Farm prices and income, however, are determined in world markets that are influenced by national economic policy and farm programs. Texas impacts, therefore, must be evaluated in a much broader national and international market and policy context.Agricultural and Food Policy,

The Impact of Tenure Arrangements and Crop Rotations on Upper Gulf Coast Rice Farms.

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Possible Jurassic age for part of Rakaia Terrane: implications for tectonic development of the Torlesse accretionary prism

Greywacke sandstone and argillite beds comprising Rakaia Terrane (Torlesse Complex) in mid Canterbury, South Island, New Zealand, are widely regarded as Late Triassic (Norian) in age based on the occurrence of Torlessia trace fossils, Monotis, and other taxa. This paleontological age assignment is tested using published 40Ar/39Ar mica and U-Pb zircon ages for these rocks and published and new zircon fission track (FT) ages. The youngest U-Pb zircon ages in the Rakaia Terrane rocks in mid Canterbury are Norian, whereas 10-20% of the 40Ar/39Ar muscovite ages are younger than Norian. Numerical modelling of these mica ages shows that they cannot have originated from partial thermal overprinting in the Torlesse prism if the thermal maximum was short-lived and early in the prism history (210-190 Ma), as commonly inferred for these rocks. The young component of mica ages could, however, be explained by extended residence (200-100 Ma) at 265-290deg.C in the prism. Early Jurassic (c. 189 Ma) zircon FT ages for sandstone beds from Arthur's Pass, the Rakaia valley, and the Hermitage (Mt Cook) are interpreted not to have experienced maximum temperatures above 210deg.C, and therefore cannot have been reduced as a result of partial annealing in the Torlesse prism. This is based on identification of a fossil Cretaceous, zircon FT, partial annealing zone in low-grade schists to the west, and the characteristics of the age data. The Early Jurassic zircon FT ages and the young component of 40Ar/39Ar mica ages are regarded therefore as detrital ages reflecting cooling in the source area, and constrain the maximum depositional age of parts of the Rakaia Terrane in mid Canterbury. The zircon FT data also show the initiation (c. 100 Ma) of marked and widespread Late Cretaceous cooling of Rakaia Terrane throughout Canterbury, which is attributed to uplift and erosion of inboard parts of the Torlesse prism due to continuing subduction accretion at its toe. The critical wedge concept is proposed as a new framework for investigating the development of the Torlesse Complex. The Rakaia Terrane may have formed the core of an accretionary wedge imbricated against the New Zealand margin during the Middle or Late Jurassic. Late Jurassic nonmarine sediments (e.g., Clent Hills Formation) accumulated upon the inner parts of the prism as it enlarged, emerged, and continued to be imbricated. Exhumation of Otago Schist from c. 135 Ma may mark the development of a balance (steady state) between sediments entering the prism at the toe and material exiting at the inboard margin. The enlargement of the area of exhumation to all of Canterbury from c. 100 Ma may reflect a dynamic response to widening of the prism through the accretion of Cretaceous sediments. The model of a dynamic critical wedge may help to explain the various expressions of the Rangitata Orogeny