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Factors Affecting Crop Prices in the Context of Climate Change—A Review

Author

Listed:
  • Huong Nguyen

    (Bond Business School, Bond University, Gold Coast, QLD 4229, Australia)

  • Marcus Randall

    (Bond Business School, Bond University, Gold Coast, QLD 4229, Australia)

  • Andrew Lewis

    (Institute for Integrated and Intelligent Systems, Griffith University, Nathan, QLD 4111, Australia)

Abstract

Food security has become a concerning issue because of global climate change and increasing populations. Agricultural production is considered one of the key factors that affects food security. The changing climate has negatively affected agricultural production, which accelerates food shortages. The supply of agricultural commodities can be heavily influenced by climate change, which leads to climate-induced agricultural productivity shocks impacting crop prices. This paper systematically reviews publications over the past ten years on the factors affecting the prices of a wide range of crops across the globe. This review presents a critical view of these factors in the context of climate change. This paper applies a systematic approach by determining the appropriate works to review with defined inclusion criteria. From this, groups of key factors affecting crop prices are found. This study finds evidence that crop prices have been both positively and negatively affected by a range of factors such as elements of climate change, biofuel, and economic factors. However, the general trend is towards increasing crop prices due to deceasing yields over time. This is the first systematic literature review which provides a comprehensive view of the factors affecting the prices of crops across the world under climate change.

Suggested Citation

  • Huong Nguyen & Marcus Randall & Andrew Lewis, 2024. "Factors Affecting Crop Prices in the Context of Climate Change—A Review," Agriculture, MDPI, vol. 14(1), pages 1-17, January.
    • Handle: RePEc:gam:jagris:v:14:y:2024:i:1:p:135-:d:1320369
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    References listed on IDEAS

    as
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    4. Hertel, Thomas & Baldos, Uris Lantz & Fuglie, Keith O., 2019. "Trade in Technology: A Potential Solution to the Food Security Challenge of the 21st Century," Conference papers 333121, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    5. Govinda R. Timilsina & David Zilberman (ed.), 2014. "The Impacts of Biofuels on the Economy, Environment, and Poverty," Natural Resource Management and Policy, Springer, edition 127, number 978-1-4939-0518-8, March.
    6. Hector, Nuñez & Andres, Trujillo-Barrera, 2014. "Impact of U.S. Biofuel Policy in the Presence of Uncertain Climate Conditions," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170620, Agricultural and Applied Economics Association.
    7. Thompson, Wyatt & Lu, Yaqiong & Gerlt, Scott & Yang, Xianyu & Campbell, J. Elliott & Kueppers, Lara M. & Snyder, Mark A., 2018. "Automatic Responses of Crop Stocks and Policies Buffer Climate Change Effects on Crop Markets and Price Volatility," Ecological Economics, Elsevier, vol. 152(C), pages 98-105.
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    1. Emílio Henriques Razão & Marta Sánchez & María Victoria Naval & Rosario G. Gavilán & María Pilar Gómez-Serranillos, 2024. "Biodiversity, Traditional Uses, and Pharmacological Potential of Medicinal Plants of Mozambique," Agriculture, MDPI, vol. 14(12), pages 1-26, December.

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