Graduate Thesis Or Dissertation
 

Commodity policies and acreage decisions in U.S. agriculture, 1990-2001

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https://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/w3763b075

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  • The Uruguay Round of trade negotiations (1994) initiated agricultural trade liberalization in the form of increased market access, lower export subsidies and limits on trade-distorting domestic support (three pillars, see Burfisher, 2001; de Gorter, Ingco and Ignacio, 2003; Gopinath, Mullen and Gulati, 2004). However, further trade liberalization has stalled largely due to the wide gap between the positions of developed and developing countries. While the two groups' views on export subsidies have converged lately (e.g., 2004 Doha Work Program), those on tariff reduction and on the effects of domestic support policies have remained subjects of debate. The success of the December 2005 WTO Ministerial meeting at Hong Kong depends crucially on a better understanding of the effects of domestic support policies of the developed world. In this study, we seek to understand the effects of commodity policies on U.S. corn, soybeans and wheat acreage decisions during 1990-2001. Commodity policies in the early 1990s mostly comprised of target prices with deficiency payments, stockholding and acreage idling (Gardner 2001; Orden, Paarlberg and Roe, 1999). The 1996 Federal Agricultural Improvement and Reform (FAIR) act eliminated acreage idling and stockpiling and replaced target prices with fixed payments. However, the loan deficiency payment program initiated in the mid-i 980s is retained in the FAIR act. Our model is estimated using data on state-level acreage, prices, yield, costs and farm equity for the period 1990-2001 for corn, wheat and soybeans. Together, the state, time and commodity dimensions provide a sample of 360 observations (lOx 12x3=360). Loan rates, target prices, PFC and MLA payment rates, acres and yield are also obtained for each of the three dimensions. The major data sources include the Farm Service Agency, Economic Research Service and National Statistical Service of the U.S. Department of Agriculture.
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