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Vertical and Horizontal Price Linkages and Market Concentration in the U.S. Wheat Milling Industry

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  • Gary W. Brester
  • Barry K. Goodwin

Abstract

Increased concentration in the U.S. wheat milling industry has raised concerns that noncompetitive pricing behavior may have affected vertical and spatial price linkages. This investigation uses cointegration testing procedures to assess horizontal and vertical price linkages in the U.S. wheat market. Linkages between wheat and flour prices and among a group of regional wheat prices are evaluated. The results suggest a strong and persistent long-run equilibrium relationship among wheat and flour prices. In addition, the results offer evidence that the vertical linkages have strengthened as the market has become more concentrated.

Suggested Citation

  • Gary W. Brester & Barry K. Goodwin, 1993. "Vertical and Horizontal Price Linkages and Market Concentration in the U.S. Wheat Milling Industry," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 15(3), pages 507-519.
    • Handle: RePEc:oup:revage:v:15:y:1993:i:3:p:507-519.
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    File URL: http://hdl.handle.net/10.2307/1349485
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    Cited by:

    1. Ismet, Mohammad & Barkley, Andrew P. & Llewelyn, Richard V., 1998. "Government intervention and market integration in Indonesian rice markets," Agricultural Economics, Blackwell, vol. 19(3), pages 283-295, December.
    2. Lukáš Čechura & Tinoush Jamali Jaghdani, 2021. "Market Imperfections within the European Wheat Value Chain: The Case of France and the United Kingdom," Agriculture, MDPI, vol. 11(9), pages 1-21, August.
    3. Yavapolkul, Navin & Gopinath, Munisamy & Gulati, Ashok, 2004. "Post-Uruguay Round price linkages between developed and developing countries," MTID discussion papers 76, International Food Policy Research Institute (IFPRI).
    4. Čechura, Lukáš & Jamali Jaghdani, Tinoush, 2021. "Market imperfections within the European wheat value chain: The case of France and the United Kingdom," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 11(9).
    5. Daphne M.I. Verreth & Grigorios Emvalomatis & Frank Bunte & Ron Kemp & Alfons G.J.M. Oude Lansink, 2015. "Price Transmission, International Trade, and Asymmetric Relationships in the Dutch Agri‐Food Chain," Agribusiness, John Wiley & Sons, Ltd., vol. 31(4), pages 521-542, October.
    6. Ana I. Sanjuán & Jose M. Gil, 2001. "A Note on Tests for Market Integration in a Multivariate Non‐Stationary Framework," Journal of Agricultural Economics, Wiley Blackwell, vol. 52(2), pages 113-121, May.

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