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- W3023177550 abstract "Uncertainty around weather conditions and crop yields in any given year is an innate characteristic of agricultural production, causing prices for agricultural commodities to fluctuate. Once farmers have planted a crop in the spring, they have a limited ability to adjust production in response to adverse growing conditions or unexpected changes in demand. Commodity stockholding is a key mechanism moderating the impacts of crop yield variability on commodity prices and consumption across years. Climate change alters the probability distribution of weather conditions, with more frequent occurrences of adverse conditions such as extreme heat and droughts expected in North American growing regions. This implies that not only the probability distribution and magnitude of yield shocks, but also their year-to-year sequencing is important in determining price volatility. Using a historically validated, dynamic partial equilibrium model, we examine how the sequence of yield changes in the next few decades due to climate change affect price volatility in the corn and soybean markets in the presence of stockholding." @default.
- W3023177550 created "2020-05-13" @default.
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- W3023177550 date "2019-04-15" @default.
- W3023177550 modified "2023-09-27" @default.
- W3023177550 title "Volatility of agricultural prices under future climate change scenarios" @default.
- W3023177550 hasPublicationYear "2019" @default.
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