NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Aaron Smith

Dept.of Agricultural and Resource Economics
One Shields Ave.
University of California, Davis
Davis, CA 95616

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org

NBER Working Papers and Publications

October 2017Food vs. Fuel? Impacts of Petroleum Shipments on Agricultural Prices.
with James B. Bushnell, Jonathan E. Hughes: w23924
Grain shippers and political figures in North Dakota and nearby states have voiced concern that the dramatic increases in shipments of crude oil by rail have caused service delays and higher costs. We investigate the potential impact of crude shipments on grain markets accounting for harvest effects and other potential sources of rail congestion. Increased crude oil shipments are associated with substantially larger spreads between wheat prices at regional elevators and in Minneapolis, the market hub. The effect on corn and soybean spreads are an order of magnitude smaller. Increased oil traffic is associated with small increases in rail rates but large increases in rail car auction prices. We document increases in wheat carry (storage) costs and decreases in shipment quantities. Surpr...
October 2014Comment on "Bubbles, Food Prices, and Speculation: Evidence from the CFTC's Daily Large Trader Data Files"
in The Economics of Food Price Volatility, Jean-Paul Chavas, David Hummels, and Brian D. Wright, editors
 
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