PRICE FORMATION IN THE BRAZILIAN SOYBEAN AGROINDUSTRIAL CHAIN IN THE DECADE OF THE 1990s
Robson Leandro Mafioletti
Abstract
This research analyzes the process of price formation in the soybean complex at the producer, wholesaler, and retailer levels in both the internal and external soybean and soybean derivates markets to note the effect of Brazil's economic opening and trade liberalization in the 1990s. The analysis was carried for two periods, from January 1982 to December 1989 and from January 1990 to December 1999. The areas defined for the study were the main soybean and soybean derivatives producer regions in the internal market and the external soybean market. Quotes from the Chicago Board of Trade (CBOT) were used as proxy for international prices. The Granger test was used to determine causal relationships between internal market prices and external market prices. After having determined the direction of causality, price transmission elasticities were then estimated. The results show that price transmission in the sector generally had dephasing [displacement] periods of one month or less; though, in just a few cases a price transmission of two or three months appeared. This indicates price transmission efficiency in the studied market levels and regions.
Keywords
Referências
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