A Statistical Model of the Demand for Soybeans
1964
Houck, James P.
Two‐stage least squares estimates of a six‐equation model of the annual markets for U.S. soybeans and soybean products suggest that simultaneous measurement of important price‐making forces is feasible when the joint product and multimarket aspects of soybeans, meal, and oil are considered. Domestic markets for meal and oil and the export market for beans are considered. Implied direct price flexibilities are −1.30 for farm level soybeans, −1.12 for meal at wholesale, and −.52 for oil at wholesale. Although the predictive value of the estimated model is not yet clear, the empirical results can be used to evaluate the nature and relative magnitude of adjustments in the soybean market as changes occur in market conditions, market structure, and government programs. Both the analytical method and empirical estimates may be useful to price analysts and commodity specialists.
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