Dynamic relationships between US and Thai rice prices*1
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Relationships between the United States Department of Agriculture's (USDA) estimated World Market Price, the Thai milled rice price, US transportation adjusted cash rough rice price, and the Chicago Rice and Cotton Exchange rough rice futures price are examined for the 1987-1991 marketing years. Specifically, a cointegration analysis is used to address the pricing and informational efficiency of the respective markets. Testing indicates the system is described by two cointegrating vectors. The analysis preformed herein provides insight into the pricing performance of several world rice markets.
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