Trading Behavior in a Marginal Organized Market

As increasingly more transactions occur away from open markets, the so-called "thin" market issues arise. This paper analyzes unpublished transaction data from Egg Clearinghouse, Inc. (ECI), a marginal marketplace for eggs that trades 4% of all eggs (80% of eggs available for open trading). Results suggest that marginalized markets can serve as an inventory adjustment mechanism while maintaining the role of price discovery as a check for non-market prices. At ECI, most firms both buy and sell regardless of operational types, participation is balanced across all types of firms in the industry, and sellers in general yield to buyers' preferred terms of trade.eggs, inventory adjustment, organized market, price discovery, thin market, Agribusiness,

GEOGRAPHIC CHANGES IN U.S. DAIRY PRODUCTION

Changes in quantities of milk marketed are analyzed by spatial econometrics using the county-level data, to provide statistical explanations of the recent major geographic shifts in U.S. dairy production. (Revised edition posted August 2002)Livestock Production/Industries,

IMPLICATIONS OF DEFLATING COMMODITY PRICES FOR TIME-SERIES ANALYSIS

The choice of deflators of commodity prices can change the time-series properties of the original series. This is a specific application of the general phenomenon that various kinds of data transformations can create spurious cycles that did not exist in the original data. Different empirical models of expectations result from nominal and various deflated series that have distinct time-series properties, and these models, in turn, produce varying estimates of supply response and measures of price risk. The foregoing is illustrated by annual grain prices, monthly milk prices, and a milk supply analysis. Annual prices of corn and soybeans, for example, appear to vary around a constant mean, but when deflated by general price indexes such as the CPI, the deflated prices are autocorrelated around a declining deterministic trend and/or have a stochastic trend. The quasi-rational expectations hypotheses assumes that farmers base expectations on forecasts from time-series models, but forecasts of real prices, that ultimately become negative, are not rational.deflating, time-series analysis, price expectations, price risk, supply analysis, Demand and Price Analysis,

THE IMPACTS OF MARKET POWER AND EXCHANGE RATES ON PRICES OF EUROPEAN UNION SOYBEAN IMPORTS..

This study examines whether the EU, the world's largest importer, exercises market power over soybean imports. Results, based on 1975-2000 data, suggest that the EU has practiced price discrimination against imports from Argentina and Brazil. The evidence for the practice of pricing-to-market based on exchange rate changes is mixed.International Relations/Trade,

From Family to Peer Setting: Food Choices of College Freshmen

Food Consumption/Nutrition/Food Safety,

Consumer Preferences for Attributes of Organic Processed Foods: The Case of Soymilk In the United States

Organic soymilk has been one of the fastest growing products in the organic food sector in recent years. Due to the shortage of domestically grown organic soybeans, outsourcing became a practice in the industry. It was estimated by some industry insiders that about 50% of organic soybeans consumed in the United States were imported from China (Cornucopia Institute, 2009). In 2009, the Organic Consumers Association called for a boycott of Silk products because it was reported that Silk, the dominant national brand in organic soymilk market, sourced organic soybeans from China and Brazil based on disputable standards. Under public pressure, Silk brand soymilk started to substitute U.S. grown non-genetically modified (GM) soybeans for imported organic soybeans. Correspondingly, the organic label on the product packaging was changed to ―all natural. The same behavior is also observed for soymilk by other brands. Another notable trend in the soymilk industry is that the dominance of national brands is challenged by a boom of private labeled soymilk products offered by stores across these marketing channels. The impacts of these changes in the organic soymilk industry could be significant for the distribution of economic benefits among the supply chain players. Our primary focus is to find whether US consumers distinguish organic processed foods by the origin of ingredients and brand types. We expect our findings to have wider implications to other processed foods. Preliminary results show consumers are willing to pay premiums for processed food like soymilk with organic and non-GM ingredients. The premium for organic soybeans is significantly higher than that for non-GM beans. The results also indicate that US consumers perceive the product with ingredients sourced from different origins distinctively, with a strong preference for organic soymilk produced with domestically produced soybeans. In terms of brand preferences, respondents are willing to pay more for national brands relative to store brands. Responses suggest that taste is a major factor in differentiating brands of soymilk. The willingness to pay for attributes varied with income and demographic characteristics of the households. Female and higher income groups appear more willing to pay for soymilk with organic ingredients. Older people are less likely to purchase organic soymilk. Moreover, older and female consumers perceive domestically produced ingredients better than imported ones. Yet, the more educated consumers are less willing to pay a premium for domestically produced organic ingredients.Organic Processed Food, Willingness to Pay Estimation, Country of Origins, Brand Preferences, Consumer/Household Economics, Demand and Price Analysis, Marketing,

THE IMPACT OF BSE ON JAPANESE RETAIL BEEF MARKET

To assess the impact of BSE in Japan, a Japanese meat demand system is estimated as a gradual switching Rotterdam model. The results, based on data from April 1994 to May 2002, suggest the structural transition took five months from its discovery. The scare affected both domestic and imported beef.Food Consumption/Nutrition/Food Safety,

Wheat Variety Selection to Maximize Returns and Minimize Risk: An Application of Portfolio Theory

This research shows that a portfolio of wheat varieties could enhance profitability and reduce risk over the selection of a single variety for Kansas wheat producers. Many Kansas wheat farmers select varieties solely based on published average yields. This study uses portfolio theory from business investment analysis to find the optimal, yield-maximizing and risk-minimizing combination of wheat varieties in Kansas.portfolio theory, wheat variety selection, Agribusiness, Agricultural and Food Policy, Crop Production/Industries, Industrial Organization, Production Economics, Risk and Uncertainty, Q12, Q16,

Three-Dimensional Efficient Portfolio Frontier: Mean, Variance, and Farm Size

Replaced with revised version of paper 07/16/05.Farm Management,