Pricing-to-Market Analysis: The Case of EU Wheat Exports
2017
Dawson, P.J. | Gorton, Matthew | Hubbard, Lionel | Hubbard, Carmen
The EU is a major player in the global wheat market. This paper examines the pricingbehavior of EU wheat exporters using a pricing-to-market (PTM) analysis. Wheat isan exemplary product for testing PTM theories as it is widely and frequently traded,and it is largely unbranded. We estimate the relationship between export unit valuesand exchange rates using quarterly panel data for 11 export destinations for 2000-2013. Results show that there is a meaningful long-run relationship between exportunit values and exchange rates, but there is little evidence of differential mark-upsbetween export markets. Belarus and Iceland are exceptions where the EU exerciseslocal currency price stabilization.
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