Agribusiness & Applied Economics Report最新文献

{"title":"ECONOMIC IMPACT OF SCAB WITH ALTERNATIVE RISK MANAGEMENT STRATEGY: THE CASE OF CROP QUALITY INSURANCE IN BARLEY","authors":"W. Nganje, Napoleon M. Tiapo, W. Wilson","doi":"10.22004/AG.ECON.23641","DOIUrl":"https://doi.org/10.22004/AG.ECON.23641","url":null,"abstract":"Managing quality risks, especially grain quality, has been a challenge facing farmers, grain merchandisers, and policymakers for many years. With the advent of genetically modified organisms (GMOs), food safety, and identity preservation, this is even more challenging today. In this paper, an equilibrium crop insurance model was developed and used to analyze the impact of quality risks on equilibrium coverage levels and risk premiums that suppliers of insurance and barley producers would be willing to provide when yield and revenue insurance instruments explicitly incorporate quality risks. The asking price concept and sensitivity analysis were used to evaluate farmers' behavior after they purchase crop quality insurance and to provide guidance and direction in the development of risk-efficient quality insurance instruments.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123247859","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"VALUE AT RISK: AGRICULTURAL PROCESSOR PROCUREMENT AND HEDGING STRATEGIES","authors":"C. R. Hawes, W. Wilson, Bruce Dahl","doi":"10.22004/AG.ECON.23608","DOIUrl":"https://doi.org/10.22004/AG.ECON.23608","url":null,"abstract":"Agricultural firms that use Value at Risk (VaR) tend to be the large diversified corporations. The benefits of VaR in the agricultural industry are not limited to large conglomerates; however, and this study provides empirical examples of how mid to large sized commodity end-users can use VaR to quantify price risk exposure. By reporting price risk in terms of dollars as a single summary statistic, VaR provides a more intuitive measure of risk for decision makers, especially when the distribution of portfolio value changes is non-normal. VaR also separates downside from upside potential by focusing on the left-hand tail of a portfolio's distribution of returns. The purpose of this study is to demonstrate how VaR can be applied to the portfolio of a hypothetical U.S. bread baking company. Six of the bakery's prominent commodity inputs were considered, including flour, bakery shortening, and sugar. Mill feed price risk was also included since it is commonly a component of flour pricing agreements. In one case, a portfolio of costs and the risk of procurement cost changes are measured. In another case, output price risk was included and represented white pan bread prices as a price risk variable. This portfolio contains both cost and revenue items, and the risk of payoff changes resulting from input and output price changes is considered. In another case, the VaR for a Mexican flour milling company was modeled inclusive of the effect of foreign exchange risk. In each case, different hedging instruments were considered for use in various hedging strategies. Though VaR can be utilized by decision makers for numerous management aspects, in the cases analyzed in this study VaR estimates are used to quantify the price risk associated with different hedging strategies. While risk reduction is the primary reason for hedging, it is not the only aspect that management must consider. Numerous other aspects enter into the decision, which are not represented in the VaR statistic. Therefore, VaR is a valuable tool for measuring the risk exposure of these firms, but in no way does it tell the whole story.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127118557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Consumer Valuation Of Genetically Modified Foods And The Effect Of Information Bias","authors":"T. Vanwechel, C. Wachenheim, Eric C. Schuck, D. Lambert","doi":"10.22004/AG.ECON.23620","DOIUrl":"https://doi.org/10.22004/AG.ECON.23620","url":null,"abstract":"Bid prices were elicited for standard-label cookies, muffins, and potato chips and those identified as not including genetically modified (GM) ingredients using an experimental auction. Including a statement that the product did not include GM ingredients increased bids over those offered for standard-label products. Providing negative-biased information about the impact of GM crops on the environment increased the risk participants associated with GM foods, and positive-biased information decreased perceived risk. Overall, providing impact information, whether positive- or negative-biased, increased bids for products presumed GM. The influence of information bias on bids varied among selected participant groups, supporting the presence of uniquely responsive market segments.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128371463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CHARACTERISTICS OF NATURE-BASED TOURISM ENTERPRISES IN NORTH DAKOTA -- SUMMARY","authors":"N. Hodur, D. A. Bangsund, F. Leistritz","doi":"10.22004/AG.ECON.23570","DOIUrl":"https://doi.org/10.22004/AG.ECON.23570","url":null,"abstract":"Recreational activities related to North Dakota's wealth of natural resources are well-established in North Dakota. In recent years, North Dakota's abundant resources have attracted visitors from around the country and the world. In addition to providing recreational activities for residents and visitors alike, natural resource-based tourism is a basic sector that may have considerable potential for creating economic opportunities in rural areas. Recognition of the potential importance of resource-based tourism to rural economies is well-advanced in other parts of the United States. However, little attention has historically been paid to tourism in North Dakota. While much anecdotal evidence exists suggesting that natural resource-based tourism is growing in North Dakota, no basic research on the sector has to date been completed. The goal of this study is to identify and analyze existing agricultural and natural resource-based tourism enterprises in North Dakota.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125400648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CANADIAN EXPORTS OF WHEAT AND BARLEY TO THE UNITED STATES AND ITS IMPACTS ON U.S. DOMESTIC PRICES","authors":"J. Mattson, W. Koo","doi":"10.22004/AG.ECON.23499","DOIUrl":"https://doi.org/10.22004/AG.ECON.23499","url":null,"abstract":"Canadian exports of wheat and barley to the United States have increased significantly since the late 1980s. The objectives of this study are to determine the factors that affect trade flows of hard red spring wheat, durum wheat, malting barley, and feed barley from Canada to the United States and to evaluate the impacts of Canadian wheat and barley exports on the U.S. domestic prices of these commodities. Major factors affecting trade flows of these commodities from Canada to the United States include the exchange rate, quality differences, differences in market size, the U.S. Export Enhancement Program, the elimination of Canadian rail subsidies, and trade liberalization under the Canada - United States Free Trade Agreement of 1989 (CUSTA). These factors have positively influenced Canadian exports, resulting in major increases in Canadian exports of agricultural commodities to the United States. The increased Canadian exports have resulted in reduced U.S. domestic prices of wheat.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123988480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Value Of Feed Peas To Swine Diets","authors":"C. Wachenheim, J. Mattson","doi":"10.22004/AG.ECON.23578","DOIUrl":"https://doi.org/10.22004/AG.ECON.23578","url":null,"abstract":"Traditionally, hog production has been concentrated in the Corn Belt region of the United States. During the past decade, North Carolina has become an important hog production state and now ranks second only to Iowa. More recently, expansion in the U.S. hog industry has been in other non-traditional hog production states in the west/west central regions of the United States. In the current study, field peas are considered as a least-cost hog ration ingredient in three U.S. markets. The results of a linear programming analysis suggest that peas can be an attractive alternative as a feed ingredient in hog diets. Even at relatively high prices, peas can be part of the least-cost diet replacing feedstuffs such as corn, barley, and soybean meal. Except at high pea prices or under low-cost periods for alternative feedstuffs, peas constituted up to 39 percent of a least-cost diet for young pigs including a methionine supplement. Peas constituted 27 to 36 percent of the diet for hogs in the 190 to 260 pound growth stage. It was not necessary to add methionine to a diet for finishing hogs that includes peas. The high lysine content of peas is beneficial. It had to be added to the diet when peas were not included.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116001926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ANALYSIS OF THE WORLD OIL CROPS MARKET","authors":"J. Mattson, Changyou Sun, W. Koo","doi":"10.22004/AG.ECON.23621","DOIUrl":"https://doi.org/10.22004/AG.ECON.23621","url":null,"abstract":"The world of oilseeds, meals, and oils has been evolving. New issues have emerged for researchers and policymakers. The United States is still the largest player, mainly due to its dominant position in soybeans and soybean meals. Nevertheless, the position of the United States has been challenged by several countries. The growth by Brazil and Argentina in the production of soybeans and soybean meal has especially eroded the market share of the United States in recent years. Malaysia and Indonesia have been aggressively marketing their palm oil, intensifying the competition for U.S. soybean oil exports. Other issues include changing trade policies and demand in major importing countries, trade liberalization, and genetically modified crops.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126436090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Preliminary Feasibility Analysis For An Integrated Biomaterials And Ethanol Biorefinery Using Wheat Straw Feedstock","authors":"F. Leistritz, Don Senechal, M. Stowers, W. F. Mcdonald, C. Saffron, N. Hodur","doi":"10.22004/AG.ECON.23500","DOIUrl":"https://doi.org/10.22004/AG.ECON.23500","url":null,"abstract":"Biobased products and fuels appear to have a very bright future. A consortium led by NDSU is currently engaged in a project that would use cellulose nanofibers derived from wheat straw to make a product that could substitute for fiberglass and plastics in many applications, including automotive parts. The work described here analyzes the economic value of producing cellulose nanowhiskers (CNW) as a co-product in an ethanol biorefinery. An ASPEN Plus-based process model was developed to evaluate ethanol production from wheat straw. The base case model generated 54.418 million gallons per year (MGPY) of denatured ethanol, using approximately 900,000 tons per year of wheat straw feedstock. The capital cost was estimated at $185 million. Total operating costs, excluding by-product credits, were $92.4 million per year. Revenue from sales was estimated at $98.0 million per year from ethanol and $7.5 million per year from electricity. The earnings before interest and income tax (EBIT) are $13.1 million per year providing a return on investment (ROI) of 7.06 percent. The production cost of ethanol including by-product credit was determined at $1.56 per gallon. When production of CNW was added to the base case model, the manufacturing cost of producing CNW from wheat straw was estimated to be $.57 per pound. Economic analysis indicated that production of CNW would be an enhancement to the economic performance of a wheat straw to ethanol mill.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131253716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Characteristics of the Declining U.S. Agricultural Trade Surplus","authors":"J. Mattson, W. Koo","doi":"10.22004/AG.ECON.23503","DOIUrl":"https://doi.org/10.22004/AG.ECON.23503","url":null,"abstract":"The U.S. agricultural trade surplus has fallen from $26.9 billion in 1996 to $7.3 billion in 2004, and it is shrinking even further in 2005. The objective of this paper is to examine the characteristics of the decreasing agricultural trade surplus and determine the factors causing this decline. U.S. imports from Canada and Mexico have more than doubled under NAFTA, and imports from non-NAFTA countries have also increased considerably. Most increases in imports are consumer-ready and horticultural products. U.S. exports to Canada and Mexico have also been increasing steadily, but exports to other important markets have been stagnant or declining. Much of the declining trade surplus can be accounted for by trade with the European Union. Results from an econometric analysis indicate that an increase in disposable income and free trade agreements have contributed significantly to the increase in U.S. imports of consumer-oriented products. U.S. exports are found to be significantly influenced by per capita income and free trade agreements. Moreover, a strong U.S. dollar is found to have had a negative impact on the value of exports of consumer-oriented products, but not bulk or intermediate products. Results show that exports of bulk and intermediate products have been trending downward while exports of consumer-oriented products and imports of intermediate and consumer-oriented products have been trending upward.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"238 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123332376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"2003 NORTH DAKOTA AGRICULTURAL OUTLOOK: REPRESENTATIVE FARMS, 2003-2012","authors":"Richard D. Taylor, W. Koo, Andrew L. Swenson","doi":"10.22004/AG.ECON.23521","DOIUrl":"https://doi.org/10.22004/AG.ECON.23521","url":null,"abstract":"Net farm income for all representative farms in 2012 will be lower than in 2003. Low profit farms, which comprise of 25% of the farms in the study, may not have financial resiliency to survive. Costs are projected to increase faster than yields. The new farm bill removes much of the price risk that producers face while placing it on the federal government. Cropland prices and cash rental rates are projected to increase slightly in all regions. Debt-to-asset ratios for most farms will increase slightly throughout the forecast period. Debt-to-asset ratios for the low-profit and small-size farms are higher than those for large and high-profit farms.","PeriodicalId":356449,"journal":{"name":"Agribusiness & Applied Economics Report","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114915112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}