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Producer prices in cotton markets: Evaluation of reported price information accuracy

Author

Listed:
  • Darren Hudson

    (Department of Agricultural Economics, Texas Tech University, Lubbock, TX 79409-2132)

  • Don Ethridge

    (Department of Agricultural Economics, Texas Tech University, Lubbock, TX 79409-2132)

  • Jeff Brown

    (Department of Agricultural Economics, Texas Tech University, Lubbock, TX 79409-2132)

Abstract

This study evaluates the accuracy of the US Department of Agriculture's Daily Spot Cotton Quotations (DSCQ) in reporting producer prices in the Texas-Oklahoma cotton production regions. Analysis of price levels and movements suggests that the DSCQ tend to overstate estimated producer prices for base quality, overstate quality discounts, and understate producer quality premiums in relation to hedonic measurement of prices. The DSCQ also did not move with the hedonic prices on a daily basis, but tended to lag the hedonic prices over longer periods. These lead-lag relationships did not appear consistent over qualities, regions, or years. © 1996 John Wiley & Sons, Inc.

Suggested Citation

  • Darren Hudson & Don Ethridge & Jeff Brown, 1996. "Producer prices in cotton markets: Evaluation of reported price information accuracy," Agribusiness, John Wiley & Sons, Ltd., vol. 12(4), pages 353-362.
    • Handle: RePEc:wly:agribz:v:12:y:1996:i:4:p:353-362
    DOI: 10.1002/(SICI)1520-6297(199607/08)12:4<353::AID-AGR5>3.0.CO;2-Y
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    References listed on IDEAS

    as
    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    2. William G. Tomek, 1980. "Price Behavior on a Declining Terminal Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(3), pages 434-444.
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    Citations

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    Cited by:

    1. Bennett, Blake K. & Misra, Sukant K., 1997. "Minimizing Farm-To-Mill Cotton Cleaning Cost," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 29(2), pages 1-10, December.
    2. Brown, Jeff E. & Ethridge, Don E. & Hudson, Darren & Engels, Carlos, 1995. "An Automated Econometric Approach for Estimating and Reporting Daily Cotton Market Prices," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 27(2), pages 409-422, December.
    3. Darren Hudson & Emmett Elam & Don Ethridge & Jeff Brown, 1996. "Price information in Producer markets: An evaluation of futures and spot cotton price relationships in the southwest region using cointegration," Agribusiness, John Wiley & Sons, Ltd., vol. 12(4), pages 363-369.
    4. Hudson, Darren & Jones, Tom, 2001. "Willingness to Plant Identity Preserved Crops: The Case of Mississippi Soybeans," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 33(3), pages 475-485, December.
    5. MacDonald, Stephen & Naik, Gopal & Landes, Rip, 2010. "Markets, Institutions, and the Quality of Agricultural Products: Cotton Quality in India," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61854, Agricultural and Applied Economics Association.
    6. Brown, Jeff E. & Ethridge, Don E., 1995. "Functional Form Model Specification: An Application To Hedonic Pricing," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 24(2), pages 1-8, October.
    7. Chen, Changping & Ethridge, Don E. & Fletcher, Stanley M., 1997. "Textile Manufacturers' Market Valuation Of Cotton Fiber Attributes," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 29(1), pages 1-11, July.

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