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Managing Buffer Stocks to Stabilize Wheat Prices

Author

Listed:
  • Sharples, Jerry A.
  • Walker, Rodney L.
  • Slaughter, Rudie W., Jr.

Abstract

A wheat buffer stock simulation model is used to add random deviations of wheat yields and exports to projected supply and demand conditions for 1976-82. The result is a useful analytical tool for policy analysis—especially for the analysis of questions about price and income stability where deviations of production and use from the mean, rather than the value of the mean, are of primary interest. A simple buffer stock management rule is examined. Wheat buffer stocks would be purchased by a U.S. stocks management agency whenever the market price dropped below a specified purchase price, and stocks would be sold whenever the market price exceeded a specified sale price. The impact of alternative stock levels and alternative purchase and sale prices on the level and variation of supply, domestic and foreign sales. Government costs, and farm income are examined.

Suggested Citation

  • Sharples, Jerry A. & Walker, Rodney L. & Slaughter, Rudie W., Jr., 1976. "Managing Buffer Stocks to Stabilize Wheat Prices," Agricultural Economic Reports 307586, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerser:307586
    DOI: 10.22004/ag.econ.307586
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    References listed on IDEAS

    as
    1. Ray, Daryll E. & Richardson, James W. & Collins, Glenn S., 1975. "A Simulation Analysis of a Reserve Stock Management Policy for Feed Grains and Wheat," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 7(1), pages 81-87, July.
    2. Hoffman, Robert G., 1973. "Wheat -- Regional Supply Analysis," Miscellaneous Publications 324762, United States Department of Agriculture, Economic Research Service.
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