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The Pricing Efficiency of Corn in a Minor Surplus Production Area

Published online by Cambridge University Press:  28 April 2015

Steven K. Riggins
Steven K. Riggins*
Affiliation:
Department of Agricultural Economics, University of Kentucky
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Extract

The U.S. grain marketing system frequently is cited as a fairly good working example of the perfect market concept. In general, research has shown that prices change as predicted, to account for the changes in the time, place, and form of the commodity. Much of the research done on grain prices over space has concentrated on the major grain producing states and/or has been cast in the Judge and Wallace general equilibrium framework. The author reports the results of an analysis of corn pricing efficiency in a minor surplus area (western New York) located in a much larger deficit area (the northeastern U.S.).

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 10 , Issue 2 , December 1978 , pp. 165 - 169
Copyright
Copyright © Southern Agricultural Economics Association 1978

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References

[1]Judge, G. G. and Wallace, T. D.. “Estimation of Spatial Price Equilibrium Models,” Journal of Farm Economics, Volume 40, 1958, pp. 801–820.CrossRefGoogle Scholar
[2]Love, Harold G. and Shuffett, Milton D.. “Short-Run Effects of a Structural Change in a Terminal Market for Hogs,” Journal of Farm Economics, Volume 47, Number 3, August 1965, pp. 803–812.CrossRefGoogle Scholar
[3]New York Crop Reporting Service. New York Agricultural Statistics 1975, Release No. 58, Albany, New York, August 1976.Google Scholar
[4]Phillips, Travis D. and King, Richard A.. A Spatial and Seasonal Analysis of Corn Prices in North Carolina, Department of Agricultural Economics, A.E. Information Series No. 95, North Carolina State College, November 1962.Google Scholar
[5]Riggins, Steven K. “Corn Marketing in Western New York,” Ph.D. thesis, Cornell University, 1978.Google Scholar
[6]Stifel, Laurence D. “Imperfect Competition in a Vertical Market Network: The Case of Rubber in Thailand,” American Journal of Agricultural Economics, Volume 57, Number 4, November 1975, pp. 631–640.CrossRefGoogle Scholar