Using traditional price volatility tests, we find that the market impact of USDA Cattle on Feed and Hogs and Pigs reports largely disappeared after 2000. In contrast, using market surprise tests, we find no evidence that the impact of Cattle on Feed information changed significantly after 2000. The evidence is mixed for Hogs and Pigs reports using market surprise tests, with market inventory information increasing in value and breeding inventory decreasing. The contrasting results can be explained by increasing market concentration in cattle and hogs leading to smaller market surprises and smaller futures price reactions.
{"title":"The Changing Role of USDA Inventory Reports in Livestock Markets","authors":"Berna Karali, O. Isengildina-Massa, S. Irwin","doi":"10.22004/AG.ECON.292333","DOIUrl":"https://doi.org/10.22004/AG.ECON.292333","url":null,"abstract":"Using traditional price volatility tests, we find that the market impact of USDA Cattle on Feed and Hogs and Pigs reports largely disappeared after 2000. In contrast, using market surprise tests, we find no evidence that the impact of Cattle on Feed information changed significantly after 2000. The evidence is mixed for Hogs and Pigs reports using market surprise tests, with market inventory information increasing in value and breeding inventory decreasing. The contrasting results can be explained by increasing market concentration in cattle and hogs leading to smaller market surprises and smaller futures price reactions.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"591-604"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Barrowclough, Kathryn A. Boys, Carlos E. Carpio
There is increasing interest in accessing local food products through “conventional” food marketing systems. This study identifies and quantifies key contract characteristics and buyer attributes valued by small-scale produce farmers who are currently or are considering marketing into wholesale channels. Overall, produce farmers are receptive to entering into contracts with wholesale buyers. Substantial heterogeneity, however, is found among farmer attitudes toward the specific contract terms and in the trade-offs farmers are willing to accept between contract terms and buyer characteristics. Insights offered will enable produce buyers to more efficiently target potential suppliers and will facilitate more effective contract design.
{"title":"Benefits, Challenges and Trade-Offs: Buyer and Contract Characteristics Valued by Small Farm Suppliers to Wholesale Marketing Channels","authors":"M. Barrowclough, Kathryn A. Boys, Carlos E. Carpio","doi":"10.22004/ag.econ.292334","DOIUrl":"https://doi.org/10.22004/ag.econ.292334","url":null,"abstract":"There is increasing interest in accessing local food products through “conventional” food marketing systems. This study identifies and quantifies key contract characteristics and buyer attributes valued by small-scale produce farmers who are currently or are considering marketing into wholesale channels. Overall, produce farmers are receptive to entering into contracts with wholesale buyers. Substantial heterogeneity, however, is found among farmer attitudes toward the specific contract terms and in the trade-offs farmers are willing to accept between contract terms and buyer characteristics. Insights offered will enable produce buyers to more efficiently target potential suppliers and will facilitate more effective contract design.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"605-623"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"WAEA Past Presidents: 1927-present","authors":"Waea","doi":"10.22004/AG.ECON.292384","DOIUrl":"https://doi.org/10.22004/AG.ECON.292384","url":null,"abstract":"","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"668-669"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We assess the welfare implications of a revenue-neutral tax in the presence of two Renewable Fuel Standard (RFS) policies for cellulosic biofuels: the waiver credit and the input-ratio requirement. We extend the model of revenue-neutral taxation to allow for the taxation of a dirty input in an imperfectly competitive market while integrating RFS-specific policies. Simulations from Washington and Oregon indicate that a revenue-neutral tax raises welfare by 19%–21% but growth in cellulosic ethanol production is minimal, ranging from 0.6% to 1.5%. Pollution taxes, cellulosic ethanol production, and welfare are more responsive to the waiver credit than to the input-ratio requirement.
{"title":"Revenue-Neutral Pollution Taxes in the Presence of a Renewable Fuel Standard","authors":"Tristan Skolrud, Gregmar I. Galinato","doi":"10.22004/ag.econ.292327","DOIUrl":"https://doi.org/10.22004/ag.econ.292327","url":null,"abstract":"We assess the welfare implications of a revenue-neutral tax in the presence of two Renewable Fuel Standard (RFS) policies for cellulosic biofuels: the waiver credit and the input-ratio requirement. We extend the model of revenue-neutral taxation to allow for the taxation of a dirty input in an imperfectly competitive market while integrating RFS-specific policies. Simulations from Washington and Oregon indicate that a revenue-neutral tax raises welfare by 19%–21% but growth in cellulosic ethanol production is minimal, ranging from 0.6% to 1.5%. Pollution taxes, cellulosic ethanol production, and welfare are more responsive to the waiver credit than to the input-ratio requirement.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"474-496"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper re-evaluates practical methods of forecasting corn and soybean basis in the eastern Corn Belt. The accuracy of forecast methods differs over the course of the crop-marketing year. At harvest, historical moving average forecasts perform best. Post-harvest forecasts may be improved at short forecast horizons (<8–12 weeks ahead) by combining historical moving averages and recent basis levels. Results suggest that using 3-to-5-year moving average forecasts for corn basis and a 2or 5-year moving average for soybean basis from harvest through April. The accuracy of these corn and soybean basis forecasts decreases markedly during the summer months.
{"title":"Practical Alternatives for Forecasting Corn and Soybean Basis in the Eastern Corn Belt throughout the Crop-Marketing Year","authors":"N. Thompson, A. J. Edwards, J. Mintert, C. Hurt","doi":"10.22004/ag.econ.292332","DOIUrl":"https://doi.org/10.22004/ag.econ.292332","url":null,"abstract":"This paper re-evaluates practical methods of forecasting corn and soybean basis in the eastern Corn Belt. The accuracy of forecast methods differs over the course of the crop-marketing year. At harvest, historical moving average forecasts perform best. Post-harvest forecasts may be improved at short forecast horizons (<8–12 weeks ahead) by combining historical moving averages and recent basis levels. Results suggest that using 3-to-5-year moving average forecasts for corn basis and a 2or 5-year moving average for soybean basis from harvest through April. The accuracy of these corn and soybean basis forecasts decreases markedly during the summer months.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"571-590"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tong Wang, Hailong Jim, B. Kasu, Jeffrey B. Jacquet, Sandeep Kumar
By making adoption decisions on soil conservation practices, agricultural producers play a key role in reversing unintended consequences caused by soil degradation. This paper studies two soil conservation practices—diversified crop rotation (DCR) and integrated cropping and livestock system (ICLS)—using survey data collected from Nebraska, South Dakota, and North Dakota producers. We estimate a bivariate probit model to identify factors affecting adoption decisions. Farmers’ requirements for monetary incentives and values on soil health were found to be important determinants of adoption behavior. Geographic location matters, as North Dakota had the highest DCR adoption rate yet the lowest ICLS adoption rate.
{"title":"Soil Conservation Practice Adoption in the Northern Great Plains: Economic versus Stewardship Motivations","authors":"Tong Wang, Hailong Jim, B. Kasu, Jeffrey B. Jacquet, Sandeep Kumar","doi":"10.22004/AG.ECON.287989","DOIUrl":"https://doi.org/10.22004/AG.ECON.287989","url":null,"abstract":"By making adoption decisions on soil conservation practices, agricultural producers play a key role in reversing unintended consequences caused by soil degradation. This paper studies two soil conservation practices—diversified crop rotation (DCR) and integrated cropping and livestock system (ICLS)—using survey data collected from Nebraska, South Dakota, and North Dakota producers. We estimate a bivariate probit model to identify factors affecting adoption decisions. Farmers’ requirements for monetary incentives and values on soil health were found to be important determinants of adoption behavior. Geographic location matters, as North Dakota had the highest DCR adoption rate yet the lowest ICLS adoption rate.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"404-421"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68535706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study estimates the economy-wide impacts of two components of U.S. federal spending— nutrition programs and farm support programs—using an applied general equilibrium model. Both programs slightly reduce overall economic output and have important distributional effects. Farm programs reduce expenditures on a wide array of goods and services throughout the economy, including agricultural products, primarily since the programs reduce the spending power of taxpayers in general. Nutrition programs also reduce expenditures for some goods and services but raise the demand for agricultural products as well certain sectors for which the marginal propensity to consume is high among low-income households.
{"title":"Macroeconomic Impacts of U.S. Farm and Nutrition Programs","authors":"J. Reimer, S. Weerasooriya","doi":"10.22004/AG.ECON.292335","DOIUrl":"https://doi.org/10.22004/AG.ECON.292335","url":null,"abstract":"This study estimates the economy-wide impacts of two components of U.S. federal spending— nutrition programs and farm support programs—using an applied general equilibrium model. Both programs slightly reduce overall economic output and have important distributional effects. Farm programs reduce expenditures on a wide array of goods and services throughout the economy, including agricultural products, primarily since the programs reduce the spending power of taxpayers in general. Nutrition programs also reduce expenditures for some goods and services but raise the demand for agricultural products as well certain sectors for which the marginal propensity to consume is high among low-income households.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"624-645"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"JARE Editors' Report","authors":"Waea","doi":"10.22004/AG.ECON.292383","DOIUrl":"https://doi.org/10.22004/AG.ECON.292383","url":null,"abstract":"","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"664-667"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a nested bivariate panel probit model, we quantify the perceived attribute values (PAV) that beef producers place on different information flows and alliance attributes. Our framework allows us to quantify the monetary value of individual rather than fixed sets of attributes. Results indicate that young producers are most likely to join an alliance, and high participation fees are a significant deterrent to joining an alliance. A PAV of $12.64/head is attached to an alliance that enforces restrictions on vaccinations and antibiotic use. For small producers, not having a required minimum number of animals has a PAV of $9.65/head.
{"title":"Beef Producer Alliance Preferences for Vertical Coordination: A Bivariate Nested Panel Probit Approach","authors":"I. Sall, R. Tronstad, Satheesh V. Aradhyula","doi":"10.22004/AG.ECON.281318","DOIUrl":"https://doi.org/10.22004/AG.ECON.281318","url":null,"abstract":"Using a nested bivariate panel probit model, we quantify the perceived attribute values (PAV) that beef producers place on different information flows and alliance attributes. Our framework allows us to quantify the monetary value of individual rather than fixed sets of attributes. Results indicate that young producers are most likely to join an alliance, and high participation fees are a significant deterrent to joining an alliance. A PAV of $12.64/head is attached to an alliance that enforces restrictions on vaccinations and antibiotic use. For small producers, not having a required minimum number of animals has a PAV of $9.65/head.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"8 1","pages":"164-178"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68534646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
There has been substantial productivity growth in the broiler industry; however, high growth rates might adversely affect animal welfare, resulting in calls for slow-growth breeds. This research shows production costs are 11%–25% per pound higher for slower-growing breeds than for modern breeds, depending on the target endpoint. Breakeven wholesale price premiums needed equate net returns of slowto fast-growth broilers range from $0.10/lb to $0.36/lb. Annual costs of an industry-wide conversion to slow growth are $450 million for consumers and $3.1 billion for producers. Consumer willingness-to-pay would need to increase 10.8% to offset the producer losses.
{"title":"The Cost and Market Impacts of Slow-Growth Broilers","authors":"J. Lusk, N. Thompson, S. Weimer","doi":"10.22004/AG.ECON.292330","DOIUrl":"https://doi.org/10.22004/AG.ECON.292330","url":null,"abstract":"There has been substantial productivity growth in the broiler industry; however, high growth rates might adversely affect animal welfare, resulting in calls for slow-growth breeds. This research shows production costs are 11%–25% per pound higher for slower-growing breeds than for modern breeds, depending on the target endpoint. Breakeven wholesale price premiums needed equate net returns of slowto fast-growth broilers range from $0.10/lb to $0.36/lb. Annual costs of an industry-wide conversion to slow growth are $450 million for consumers and $3.1 billion for producers. Consumer willingness-to-pay would need to increase 10.8% to offset the producer losses.","PeriodicalId":54890,"journal":{"name":"Journal of Agricultural and Resource Economics","volume":"44 1","pages":"536-550"},"PeriodicalIF":1.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68536312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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