Title: A model of grains prices with application to the impact of biofuels
Authors: Christopher Gilbert - Johns Hopkins University (Italy) [presenting]
Abstract: An econometric model of world grains and oilseed (wheat, corn and soybeans) markets is reported. The model is used to address the relative importance of demand and supply shocks and the extent of their price impact. We ask whether it makes sense to think of grains as a single composite commodity or whether idiosyncratic crop-specific factors remain important. We apply the model to analyze the impact of the growth of the use of grains as biofuel feedstocks.