Price Discovery For Us And Ec Corn Gluten Feed And Related Markets

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Abstract
The dynamic relationship of US and EC prices of corn gluten feed and related markets are investigated using time series models. Results show prices for Rotterdam corn gluten feed and soybean meal markets are instantaneously related, and that these commodities behave as strong substitutes. Results also show prices for these commodities are first discovered in Europe, rather than in the US. Rotterdam corn gluten feed and Rotterdam soybean meal 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.
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