The distribution of agricultural production for
continuous consumption requires the capacity to maintain
inventories which are large relative to the rate of
utilization. As a result, the demand for inventories is a
critical element in the pricing of agricultural
commodities. A component of inventory demand, referred to
here as reservation...
Marketing cooperatives that operate on a pool basis allocate net returns on the basis of the "economic value" of the raw products each member has delivered. Economic values ideally reflect the raw products' expected contributions to pool net return. In a competitive market, raw product prices would reflect these expected...