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The Demand and Supply of U.S. Agricultural Exports: The Case of Wheat, Corn, and Soybeans

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  • Haniotis, Tassos
  • Baffes, John
  • Ames, Glenn C. W.

Abstract

The demand for and supply of U.S. wheat, corn, and soybean exports is specified in a dynamic framework. Obtained results indicate differences in the export behavior of each product. U.S. corn exports are elastic, while U.S. soybean exports exhibit an inelastic response. For wheat, the derived elasticity of export demand had a positive sign. Hypothesis testing validated the dynamic structure of the estimated models in all markets. Stability properties were confirmed in export markets of corn and soybeans, but results were inconclusive for the wheat market. Adjustment coefficients indicate that exports and export prices do not adjust immediately to their equilibrium levels. Multiplier impacts indicate a stable path of convergence for all markets, with minimal impact of exogenous shocks on wheat and corn exports and export prices. Soybean export prices exhibit a significant response to changes in domestic export capacity, but minimal response to other exogenous shocks.

Suggested Citation

  • Haniotis, Tassos & Baffes, John & Ames, Glenn C. W., 1988. "The Demand and Supply of U.S. Agricultural Exports: The Case of Wheat, Corn, and Soybeans," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(2), pages 45-56, December.
    • Handle: RePEc:cup:jagaec:v:20:y:1988:i:02:p:45-56_01
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    References listed on IDEAS

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    1. Durbin, J, 1970. "Testing for Serial Correlation in Least-Squares Regression When Some of the Regressors are Lagged Dependent Variables," Econometrica, Econometric Society, vol. 38(3), pages 410-421, May.
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    1. Kulyk, Iryna & Herzfeld, Thomas, 2015. "Impediments to wheat export from Ukraine," 2015 International European Forum (144th EAAE Seminar), February 9-13, 2015, Innsbruck-Igls, Austria 206218, International European Forum on System Dynamics and Innovation in Food Networks.
    2. McNew, Kevin & Smith, Vincent H., 2003. "Segregation of Grain Markets: Consequences for Price Behavior," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(01), pages 1-19, April.
    3. Zhu, Manhong & Schmitz, Andrew & Schmtiz, Troy G., 2016. "Why Has not Genetically Modified Wheat Been Commercialized: A Game Theoretical Perspective," 2016 Annual Meeting, February 6-9, 2016, San Antonio, Texas 230796, Southern Agricultural Economics Association.
    4. Abraham Ajibade & Sayed Saghaian, 2022. "U.S. Almond Exports and Retaliatory Trade Tariffs," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    5. Permani, Risti, 2013. "Optimal Export Tax Rates of Cocoa Beans: A Vector Error Correction Model Approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(4), pages 1-22.
    6. Sinha, Avik, 2015. "Conceptualizing Service Export Price Optimization," MPRA Paper 102264, University Library of Munich, Germany, revised 2015.
    7. Saghaian, Yasser & Reed, Michael & Saghaian, Sayed, 2014. "Export Demand Estimation for U.S. Corn and Soybeans to Major Destinations," 2014 Annual Meeting, February 1-4, 2014, Dallas, Texas 162546, Southern Agricultural Economics Association.
    8. Cleasby, R. C. G. & Darroch, M. A. G. & Dushmanitch, V. Y., 1991. "The Demand For And Supply Of South African Deciduous Fruit Exports : A Dynamic Analysis," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 30(4), December.

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