1,720,968 research outputs found
Agricultural and oil commodities: price transmission and market integration between US and Italy
No full textPurpose of this article is to consider commodity market interaction between United States and Italy. We use time series for spot prices spanning from January 1999 to May 2012 for crude oil and three ag-commodities: wheat, corn and soybean. These crops have been selected for their relevance in ag-commodity exchanges between US and Italy markets. Market integration between US and Italy agricultural markets is hypothesized given the consistenly high volumes traded between these two countries as well as by the central role of exchange trade for these products, e.g. on Chicago Board of Trade (CBT). The integration between oil and ag-commodity markets is suggested both by the intensive use of energy dependent inputs, (fertilizer, seed, machinery) in production of ag-commodities and their use in biofuel production. Our results suggest: a) market integration between US market crude oil and ag-commodities; b) integration between Italian and US ag-commodity prices and less evidence of integration between Italian ag and oil markets. These results contribute a basis for to improved predicion of price movements
Imperfect competition in the Italian dairy chain: consequences for price transmission and welfare distribution
No full textSince 1984 when milk quotas were introduced in Italy, the dairy chain has evolved with relevant consequences for the market competition. The Aglink-Cosimo simulations predict after the phasing out period, a growing milk market competition, driven by a fairly optimistic demand outlook among the EU-27 economies; for Italy it is expected a milk supply exceeding the present level by about 3%, and milk deliveries increasing at a slightly higher rate. Purpose of this paper is to examine the present situation of the dairy chain in Italy characterized by asymmetries at various levels in structures (number of competitors, size of the farm/firms, collusion among participants), affecting the market efficiency. Evidences are provided by six simulations for the price transmission and ten simulations for welfare distribution using different conjectural hypotheses. The results show that the price transmission from the farm gate to the retail level are lower when the concentration is higher, while the welfare distribution depends on the price set at the farm gate. The conclusion recommend to reconsider the price support, otherwise most of the farmers will leave the sector because on unbearable production costs and unequal margin distribution
Valutazione dell'impatto socio-economico della pesca del novellame nel contesto della filiera produttiva delle valli da pesca
No full text
Agri-Commodity Price Dynamics: The Relationship Between Oil and Agricultural Market ref. Paper Number 16114
No full textThe aim of this paper is to analyze the interactions among the prices of some agricultural commodities in Italy and United States by using the time series analysis method. After a general overview of the world and European agri-markets, the agricultural commodity and oil prices are investigated in order to analyze the cross-market interactions and test the hypothesis that the increased volatility in agricultural prices is caused by the exogenous crude oil prices. For the analysis the data about the commodity spot price series of wheat, corn, soybeans in US and Italy and crude oil price are collected. The results suggest: i) the presence of causal nexus with an exogenous influence of the oil price on the agricultural commodities for the US markets; ii) the evidence of cointegration between US and Italian commodities supporting the unique price condition; iii) no clear evidence of causality between oil and Italian agri-commodities, suggesting that the oil volatility is transmitted directly to the US market and indirectly to the Italian on
Gestione multifunzionale in aree agricole: produzione faunistica e sostenibilità ambientale
No full textAgricultural market integration: price transmission and policy intervention
No full textThe increasing co-movements between world oil and food prices in the 2000s has prompted interest in the transmission mechanism among markets. This research investigates integration and price transmission of some important agricultural commodities traded in market area that includes United States and Italy for a period spanning from January 1999 to May 2012. The hypothesis of market integration is verified for crude oil and three agri-commodities wheat, corn and soybean in Italy and US. They are selected for their market relevance due to growingly demand diversified in food, feed and fuel; wheat for its higher accounting for much of the world food consumption. It is hypothesized that US and Italy agricultural markets are integrated by a consistent volume of trading and by the recognized role of the CBT price signals transmitted to the Italian agri-commodity markets. This study extends the knowledge about the oil–agricultural commodity price transmission dynamics from international (US) to domestic market (Italy).The time series analysis is used to test the structural breaks, the co-integration and price transmission and the causality. Results suggest: i)t for the US markets the evidence of market integration between crude oil and US agri-commodity prices with non linear causality direction going from oil to agri-commodity prices; ii) the integration between US and Italian agricultural markets, with no clear evidence of causality between oil and Italian agricommodities, while there is the evidence of linear causality going from US to Italian agricultural markets. The conclusion is a presence of causality going from Oil to US agri-markets and from US agri-markets to the Italian ones These information can be useful both for investors and policy makers interested in the knowledge about the nature of price movement in the international arena the close market integration and price transmissions with consequence for co-movement ,inherent dynamic market relationship, speed of adjustment, consequences of t price support policies. The agricultural policies in different countries may be organized to countervail the destabilizing effect of the oil price movement in disrupting the world market equilibrium by arbitraging the market condition to return to a situation of competitive pricing behaviour
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