Role of Crude Oil in Determining the Price of Corn in the United States: A Non-parametric Approach

IF 0.7 Q3 ECONOMICS

JOURNAL OF QUANTITATIVE ECONOMICS Pub Date : 2024-02-29 DOI:10.1007/s40953-024-00382-1

引用次数: 0

Abstract

This paper explores the role of crude oil in determining corn prices for data on the weekly front future prices in the United States. With 38% of corn production allocated toward fuel ethanol, a possible effect of crude oil price variation on corn price fluctuations is theoretically indicated. To test this theory, two complementary approaches—a parametric multiple regression and a non-parametric multivariate adaptive regression splines approach are employed. Along with indicating a weak relationship between corn and crude oil prices, the results suggest that corn price responds nonlinearly to the changes in soybean and wheat prices.

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原油在决定美国玉米价格中的作用：非参数方法

摘要本文以美国每周前期货价格数据为基础，探讨了原油在决定玉米价格中的作用。由于 38% 的玉米产量用于生产燃料乙醇，理论上原油价格变化可能对玉米价格波动产生影响。为了检验这一理论，我们采用了两种互补方法--参数多元回归法和非参数多元自适应回归样条法。结果表明，玉米和原油价格之间的关系较弱，同时玉米价格对大豆和小麦价格的变化做出非线性反应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

JOURNAL OF QUANTITATIVE ECONOMICS ECONOMICS-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Journal of Quantitative Economics (JQEC) is a refereed journal of the Indian Econometric Society (TIES). It solicits quantitative papers with basic or applied research orientation in all sub-fields of Economics that employ rigorous theoretical, empirical and experimental methods. The Journal also encourages Short Papers and Review Articles. Innovative and fundamental papers that focus on various facets of Economics of the Emerging Market and Developing Economies are particularly welcome. With the help of an international Editorial board and carefully selected referees, it aims to minimize the time taken to complete the review process while preserving the quality of the articles published.