Dynamic price relationships for US and EC corn gluten feed and related markets

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Abstract
The dynamic relationship of U.S. and E.C. prices of corn gluten feed and related markets are investigated using time series models. Results show that prices for Rotterdam corn gluten feed and soyabean meal markets are instantaneously related, and that these commodities behave as strong substitutes but behave as weak substitutes for West German barley. Thus, the results indicate that corn gluten feed acts more like a protein supplement than a feed grain or energy substitute. Thus, proposed EC import restrictions on corn gluten feed are more likely to result in increased imports of soyabean meal or other protein supplement than increased use of EC feed grain.

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