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Abstract

Using five monthly revisions to USDA crop forecasts (Jul, Aug, Sep, Oct, & Nov), we estimate own‐ and cross‐commodity short‐run demand flexibilities for six domestic agricultural commodities. Our findings indicate that the corn supply influences the expected harvest‐time price of virtually every other major field crop. Moreover, as the share of the corn crop devoted to ethanol production grows, corn and soybean prices become more flexible, while the reverse it true for wheat and oats.

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