Optimal marketing strategies for wheat and corn producers in the 1982 farm program
1985
Mjelde, J.W. | Taylor, C.R. | Cramer, G.L.
Extract: Expected profit maximizing decision rules for marketing and storage of winter wheat and corn were determined by the use of stochastic dynamic programming. Results indicate that the Farmer Owned Reserve (FOR) can increase the value of a bushel of grain to an individual producer when market prices are low. Unconditional and conditional probabilities show that if producers follow the optimal policy, a large amount of the U.S. grain crop will be held in the FOR program for the duration of the three-year FOR contract.
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