Agricultural Commodity Price Hikes Since 2006
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Agricultural Commodity Price Hikes Since 2006
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Author : Velmurugan Palaniappan Shanmugam
language : en
Publisher:
Release Date : 2017
Agricultural Commodity Price Hikes Since 2006 written by Velmurugan Palaniappan Shanmugam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Well established and efficient agricultural commodity futures markets, are expected to perform the role of price discovery and risk management more effectively. The results of the Johansen's cointegration tests have shown that the spot and futures markets for the 12 agricultural commodities are cointegrated (during the main and sub-periods of study). This suggests that the markets are efficient and the agriculture commodity futures exchanges (CBOT, KCBT, CME, & ICE) provide efficient hedge against price risks emerging in respective commodities. The Granger causality test results show bi-directional flow of information in majority of the commodities during the main as well as the two sub-periods. This shows both the spot and future markets are equally responsible for the price discovery process. However, examination of the F-statistics indicates a strong flow of information from the futures markets to spot markets than the reverse. The unidirectional causal relationships exhibited by commodities such as wheat, soybean, lean hogs and cocoa, imply that the futures markets help discover prices in the spot markets and that the markets are efficient. The causal relationship results suggest that information flow from futures markets to spot markets appears to have increased over the years. This apparent increase in information flows could be attributed to the increase in the relative importance of electronic trading of futures contracts in recent years, which results in more transparent and widely accessible prices. The results meet our three criteria of market efficiency and suggest that there is no need for changes in the existing regulations of the agricultural futures market.
Impact Of Commodity Index Investments On Agricultural Commodity Price Increases Over 2006 2011 Period
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Author : Velmurugan Palaniappan Shanmugam
language : en
Publisher:
Release Date : 2017
Impact Of Commodity Index Investments On Agricultural Commodity Price Increases Over 2006 2011 Period written by Velmurugan Palaniappan Shanmugam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Although prices in the agricultural commodity futures markets have risen significantly in recent years, the results of this study support those of many previous studies that concluded that investments of commodity index traders and speculators in the futures markets are not the major causes of the price increases. While the analyses in this study do not directly test for price impacts, the results of the ratio analyses, “T” indexes, and Granger Causality tests show that there is no “excess speculation” in the commodities futures markets. However, the ratio and speculative index results revealed a small level of abnormality only in CBOT wheat and CME feeder cattle markets. The Granger Causality tests revealed that index investments do not Granger cause futures prices in 9 out of the 12 commodities. Index investments Granger caused futures prices only in CBOT corn and CME feeder cattle markets. These results debunk the assertion that speculators are to be blamed for the recent increases in commodity prices and that their activities in the futures markets must be curbed. Indeed, the results of this study indicate the possibility that speculators and commodity index traders potentially play appropriate roles in the futures markets by providing liquidity needed for the smooth functioning of the markets.The results of the study imply that commodity index traders in agricultural commodities do not change futures markets primarily from hedging to “excessive” speculative markets. As a result, the potential causes of the recent price spikes in agricultural commodities may potentially be the results of market fundamentals. Consequently, recent proposed government policies and programs aimed at curbing speculation in the commodities and futures market may potentially be counterproductive in terms of needed liquidity in the markets to ensure stable price levels and market stability.
Global Agricultural Supply And Demand
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Author : Ronald Trostle
language : en
Publisher: DIANE Publishing
Release Date : 2010
Global Agricultural Supply And Demand written by Ronald Trostle and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Technology & Engineering categories.
World market prices for major food commodities such as grains and vegetable oils have risen sharply to historic highs of more than 60% above levels just 2 years ago. Many factors have contributed to the runup in food commodity prices. Some factors reflect trends of slower growth in production and more rapid growth in demand that have contributed to a tightening of world balances of grains and oilseeds over the last decade. Other factors include increased global demand for biofuels feedstocks and adverse weather conditions in 2006 and 2007 in some major grain- and oilseed-producing areas. This report discusses these and other factors and illustrates how they have contributed to food commodity price increases. Tables and graphs.
Recent Food Prices Movements
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Author : Bryce Cooke
language : en
Publisher: Intl Food Policy Res Inst
Release Date :
Recent Food Prices Movements written by Bryce Cooke and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on with Social Science categories.
From 2006 to mid-2008 the international prices of agricultural commodities increased considerably, by a factor larger than two. This upward trend in agricultural prices captured the world's attention as a new food crisis was emerging. Several explanations for these movements in prices, ranging from demand-driven forces to supply shocks, have been provided by analysts, researchers, and development institutions. This paper is an attempt to empirically validate these explanations using time series econometrics and data at monthly frequency. We focus on the international price of corn, wheat, rice, and soybeans. First, we identify variables associated with the factors mentioned as causing the increase in these agricultural commodities prices. Second, we use time series analysis to try to quantitatively validate those explanations. The empirical work presented here includes first difference models and rolling Granger causality tests. Overall, our empirical analysis mainly provides evidence that financial activity in futures markets and proxies for speculation can help explain the observed change in food prices; any other explanation is not well supported by our time series analysis.
Policy Responses In Emerging Economies To International Agricultural Commodity Price Surges
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Author : Darryl Jones
language : en
Publisher:
Release Date : 2010
Policy Responses In Emerging Economies To International Agricultural Commodity Price Surges written by Darryl Jones and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Food Price Policy In An Era Of Market Instability
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Author : Per Pinstrup-Andersen
language : en
Publisher: Wider Studies in Development E
Release Date : 2015
Food Price Policy In An Era Of Market Instability written by Per Pinstrup-Andersen and has been published by Wider Studies in Development E this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
Since 2006, global food prices have fluctuated greatly around an increasing trend and price spikes were observed for key food commodities such as rice, wheat, and maize.
Why Have Food Commodity Prices Risen Again
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Author : Ronald Trostle
language : en
Publisher: DIANE Publishing
Release Date : 2011
Why Have Food Commodity Prices Risen Again written by Ronald Trostle and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Social Science categories.
Between early June 2010 and February 2011, prices of food commodities increased sharply, surpassing the 2008 peaks that had spread anxiety among policymakers and low-income consumers around the world. Most of the long-term trends in agricultural production and consumption that contributed to the 2002-06 price increases and the 2007-08 price spike also contributed to the recent price surge. This report describes the factors that have contributed to the large and rapid increase in agricultural prices during the past year. It focuses particularly on food commodity prices¿which have risen 60 percent since June 2010. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
Oecd Fao Agricultural Outlook 2012
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2012-07-11
Oecd Fao Agricultural Outlook 2012 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-11 with categories.
This report provides world market trends for biofuels, cereals, oilseeds, sugar, meats, fish and dairy products over the 2012-2021 period and contains an evaluation of recent developments, key issues and uncertainties in those commodity markets.
The Financialisation Of Agricultural Commodity Futures Trading And Its Impact On The 2006 2008 Global Food Crisis
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Author : Nicola Colbran
language : en
Publisher:
Release Date : 2015
The Financialisation Of Agricultural Commodity Futures Trading And Its Impact On The 2006 2008 Global Food Crisis written by Nicola Colbran and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
The subject of this article is whether the financialisation of agricultural commodity futures trading contributed to the sudden price rises in 2006-2008. It also discusses the effect of financialisation on the functioning and usefulness of futures markets, and considers whether speculation could exacerbate price volatility again. The article is not intended to be an overly technical analysis of the topic and therefore does not include detailed economic analyses or econometric modelling. Rather, it seeks to provide an objective and straightforward discussion for those generally interested in agricultural commodity markets and their impact on food security and developing countries more generally.
Agricultural Commodity Price Volatility
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Author :
language : en
Publisher:
Release Date : 2011
Agricultural Commodity Price Volatility written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.