@article{Newton:285855,
      recid = {285855},
      author = {Newton, John},
      title = {From Auckland to Eau Claire: Price Transmission from  International Dairy Markets to Local U.S. Milksheds},
      address = {2016-04},
      series = {NCCC-134 Applied Commodity Price Analysis, Forecasting,  and Market Risk Management},
      year = {2016},
      abstract = {The price relationships governing dairy commodity price  transmission among the U.S., Oceania, and EU markets are  considered using Vector Autoregressive and Vector Error  Correction models. Results demonstrate a one-way price  relationship for U.S. dry milk powders as price shocks in  Oceania and the European Union spread to the U.S. while  U.S. price shocks do not spread into those markets. U.S.  prices for cheddar and butter are impacted by price shocks  in Oceania and the EU, however, U.S. price shocks also  spread the Oceania market and may reflect potential  arbitrage opportunities. Historically thought to be  shielded from international prices through low import  quotas and high out-of-quota tariffs these results are the  first to empirically demonstrate that U.S. dairy commodity  prices and farm-gate milk prices are influenced in both the  long-run and short run by international dairy commodity  prices.},
      url = {http://ageconsearch.umn.edu/record/285855},
      doi = {https://doi.org/10.22004/ag.econ.285855},
}