Agricultural commodity markets : reference point for the real value of a currency

Using monthly time-series data 1999-2013, the paper shows that markets for agricultural commodities provide a yardstick for real purchasing power, and thus a reference point for the real value of fiat currencies. The daily need for each adult to consume about 2800 food calories is universal; data from FAO food balance sheets confirm that the world basket of food consumed daily is non-volatile in comparison to the volatility of currency exchange rates, and so the replacement cost of food consumed provides a consistent indicator of economic value. Food commodities are storable for short periods, but ultimately perishable, and this exerts continual pressure for markets to clear in the short term; moreover, food calories can be obtained from a very large range of foodstuffs, and so most households are able to use arbitrage to select a near optimal weighting of quantities purchased. The paper proposes an original method to enable a standard of value to be established, definable in physical units on the basis of actual worldwide consumption of food goods, with an illustration of the method.

Análise do mecanismo de transmissão dos preços internacionais de commodities agrícolas sobre o comportamento da taxa de câmbio real no Brasil

This paper examined the transmission mechanism of international prices of agricultural commodities into the real exchange rate in Brazil for the period from January 2000 to February 2010. We used time series models (ARIMA Model, Transfer Model, Intervention Analysis, Johansen Cointegration Test) in determination of the short and long run elasticities. Transfer Function Model results show that changes in international prices of agricultural commodities are transmitted to the real exchange rate in Brazil in the short run, however, that transmission is less than unity, thus configuring the inelastic relationship. Johansen cointegration tests show that these variables are not co-integrated, no longer converge to the long-run equilibrium. These results are in agreement Cashim et al. (2004), which also found no long run relationship between real exchange rate and commodity prices in the case of Brazil. These results show that monetary shocks have greater weight on changes of the real exchange rate than real shocks.

Preços de commodities agrícolas e o comportamento de mercado invertido (backwardation): o caso da soja

A relação entre preços do mercado spot e do mercado futuro e a evidência de Mercado Invertido (backwardation) na estrutura a termo de commodities têm tido ênfase na literatura de economia e de finanças. O objetivo deste trabalho é apresentar as principais causas responsáveis pelo comportamento de Mercado Invertido e identificar as propriedades que caracterizam o equilíbrio de preços em commodities agrícolas. Seja pela existência de prêmio de risco ou do benefício de conveniência, o entendimento dos efeitos sobre a replicação do preço futuro e sobre a estrutura a termo de preços ainda permanece em aberto. A premissa de perfeita replicação de portfólios e a ausência de fricções de mercado implicam, por outro lado, que o entendimento do comportamento de Mercado Invertido advém da compreensão do processo estocástico do próprio ativo subjacente. O apreçamento neutro ao risco, amparado pelos sinais de reversão de preços, permite a modelagem de preços conforme o proposto em Schwartz e Smith (2000), cuja calibração e os resultados serão apresentados para a soja.

Consumo e incorporação de água na produção de commodities brasileiras

Water is one of the main inputs in agribusiness and is traded indirectly through the sale of agricultural products such as orange (juice or fresh) and cane sugar (ethanol and refined sugar). This study aims to estimate the proportional mass of water present in the products exported in the form of agricultural commodities considering the amount of water incorporated into the product in its genesis by plant photosynthesis, reinforcing a reflection on virtual and real water export, as well to indicate subsidies to management, planning and taxing of water resources

Trade Adjustment Assistance for Farmers Available 2010

The American Recovery and Reinvestment Act (ARRA) of 2009 has re-authorized and modified the Trade Adjustment Assistance for Farmers program. The statute authorizes an appropriation of not more than $90 million per year for the next three fiscal years. The TAA for Farmers program helps producers of raw agricultural commodities (farmers, ranchers or fishermen) who have experienced significant declines in price or production, adjust to the changing economic environment brought on by import competition. The program provides benefits to eligible producers in the form of educational assistance, as well as up to $12,000 per producer in cash benefits to help create and implement business adjustment plans.

The role of land and water for trade and food production in Latin America: Environmental trade-offs of agricultural intensification versus extensification

One of humanity’s major challenges of the 21st century will be meeting future food demands on an increasingly resource constrained-planet. Global food production will have to rise by 70 percent between 2000 and 2050 to meet effective demand which poses major challenges to food production systems. Doing so without compromising environmental integrity is an even greater challenge. This study looks at the interdependencies between land and water resources, agricultural production and environmental outcomes in Latin America and the Caribbean (LAC), an area of growing importance in international agricultural markets. Special emphasis is given to the role of LAC’s agriculture for (a) global food security and (b) environmental sustainability. We use the International Model for Policy Analysis of Agricultural Commodities and Trade (IMPACT)—a global dynamic partial equilibrium model of the agricultural sector—to run different future production scenarios, and agricultural trade regimes out to 2050, and assess changes in related environmental indicators. Results indicate that further trade liberalization is crucial for improving food security globally, but that it would also lead to more environmental pressures in some regions across Latin America. Contrasting land expansion versus more intensified agriculture shows that productivity improvements are generally superior to agricultural land expansion, from an economic and environmental point of view. Finally, our analysis shows that there are trade-offs between environmental and food security goals for all agricultural development paths.

Peru, agricultural cooperative federations development : project paper : proposal and recommendations for the review of the Development Loan Committee /

"Unclassified."

Annual report of the New York State Agricultural Society, including report of New York Bureau of Farmers' Institutes, and transactions of Eastern and Western N.Y. Horticultural Societies for the year ..

Description based on: 38th (1878); title from cover.

Bulletin costs: being a study of the costs of publications issued by colleges of agriculture and agricultural experiment stations in 21 States.

Mode of access: Internet.

Who's making foreign agricultural policy? : Hearings before the Subcommittee on Foreign Agricultural Policy of the Committee on Agriculture and Forestry, United States Senate, Ninety-fourth Congress, second session, January 22 and 23, 1976.

Includes bibliographical references.

American farming : an introduction for young people.

"Issued November 1956."

Surplus property sale, Lockland, Ohio : hearings before a subcommittee ... Eightieth Congress, first session, on S. Res. 75, a resolution authorizing an investigation of surplus property and its disposal. April 1, 24, 29, May 6 and 7, 1947.

Mode of access: Internet.

Donable surplus property program : hearings ... Eighty-ninth Congress, first session.

Part 1. May 27, June 10, 11, 1965. 169 p.--Part 2. August 26, 27, 1965. pp. 171-291.--Part 3. November 3, 4, 1965. 1966. pp. 293-370.

A controversial debate between financial speculation and changes in agricultural commodity spot prices

Some research works state that speculation with agricultural commodities on the futures market has risen agricultural commodity spot prices. This research work analyzes the causal relationships between spot prices of corn, wheat, and soybean and agricultural commodity futures trading activities. These causal relationships between agricultural commodity spot prices and financial variables are tested for Granger-causality. Model results show that causal relationships have been found among changes in “volume traded” and “open positions” of futures contracts and changes in spot prices for corn. These results do not show that financial speculation might be a major driver of rising agricultural commodity prices.

The Influence of Farm Management on NSW Rural Property Income and Total Average Annual Returns

The importance of agriculture in many countries has tended to reduce as their economies move from a resource base to a manufacturing industry base. Although the level of agricultural production in first world countries has increased over the past two decades, this increase has generally been at a less significant rate compared to other sectors of the economies. Despite this increase in secondary and high technology industries, developed countries have continued to encourage and support their agricultural industries. This support has been through both tariffs and price support. Following pressure from developing economies, particularly through the World Trade Organisation (WTO), GATT Uruguay round and the Cairns Group developed countries are now in various stages of winding back or de-coupling agricultural support within their economies. A major concern of farmers in protected agricultural markets is the impact of a free market trade in agricultural commodities on farm incomes, profitability and land values. This paper will analyse both the capital and income performance of the NSW rural land market over the period 1990-1999. This analysis will be based on several rural land use classifications and will compare the total return from rural properties based on the farm income generated by both the average farmer and those farmers considered to be in the top 20% of the various land use areas. The analysis will provide a comprehensive overview of rural production in a free trade economy.