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An Economic Appraisal of the U. S. Tung Oil Economy

Published online by Cambridge University Press:  28 April 2015

Jimmy L. Matthews  and
Abner W. Womack
Jimmy L. Matthews
Affiliation:
Economic Research Service, U. S. Department of Agriculture, Washington, D. C.
Abner W. Womack
Affiliation:
Economic Research Service, U. S. Department of Agriculture, Washington, D. C.
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Extract

Tung has been a preferred natural drying oil because of the high gloss finish, durability and water resistance qualities which it imparts to paint, varnish and lacquer products. However, increased competition from chemical synthetics, combined with lower prices for other natural oils since the early 1950's, has brought a decline of domestic tung oil consumption from 72.4 million pounds in 1950-51 to around 32 million pounds in 1968–69.

The mandatory support program, initiated in 1948, obligates the Commodity Credit Corporation to support tung oil prices to growers at a minimum 65 percent of parity or at 24.3 cents per pound in 1968. Large accumulations of CCC stocks, close to 63 million pounds in 1966, triggered a change in CCC inventory policy.

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 2 , Issue 1 , December 1970 , pp. 161 - 168
Copyright
Copyright © Southern Agricultural Economics Association 1970

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References

1. Johnston, J., Econometric Methods, pp. 201–207, McGraw-Hill Book Company, Inc., New York, 1963.Google Scholar
2. Powe, Charles E., Kilby, W. W. and Seale, A. D. Jr., Cultural Practices and Costs and Returns for a Tung Enterprise, Mississippi Agr. Exp. Sta. Bul. 773, Mississippi State University, Nov. 1966.Google Scholar
3. Powe, Charles E. and Seale, A. D. Jr., An Analysis of the Market for Tung Oil, Mississippi Agr. Exp. Sta. Bul 729, Mississippi State University, July 1968.Google Scholar
4. Wilhelmy, Odin Jr., and Barr, Harry Jr., Marketing Research Report No. 90, Agricultural Marketing Service, USDA, April 1955.Google Scholar