Commodity Storage And The Market Effects Of Biofuel Policies

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Commodity Storage and the MarketEffects of Biofuel PoliciesColin Carter, Gordon Rausser, and Aaron SmithARE 50th Anniversary CelebrationUC DavisMarch 20, 2015

Food vs Fuel: Controversial and Important: : · AppsC https://en.wikipedia.org/wiki/Food vs. fuelCl Divisional Data Se lectCreate account Log inArticleT alkReadEditV iew historySearch -W IKIPEDIAThe Free EncyclopediaFood vs. fuelFrom Wikiped ia, the free encyclopedia(Redirected from Food vs fuel )Main pageContentsFood versus fuel is the dilemma regarding the riskFeatured contentof diverting farmland or crops for biofuels productionCurrent ev entsto the detriment of the rood supply. The biofuel andRandom arti clefood price debate involves wide-ranging views, andDonate to Wikipedia)is a long-standing , controversial one in theliterature l1H2H3H41There is disagreement about theWikipedia storeInteractionsignificance of the issue, what is causing it, and whatHelpAbout Wikipediacan or should be done to remedy the situation. ThisCommunity portalcomplexity and uncertainty is due to the largeRecent changesnumber of impacts and feedback loops that canContact pagepositively or negatively affect the price system.Moreover, the relative strengths of these positiveToolsWhat links hereand negative impacts vary in the short and longRelated changesterms, and involve delayed effects. The academicUpload fi leAn ethanol fue l plant under co nstruction, BuUer County, Iowaside of the debate is also blurred by the use ofdifferent economic models and competing forms of statistical analysis.151Special pagesPermanent linkPage informationBiofuel production has increased in recent years. Some commodities like maize (corn), sugar cane or vegetable oil canWikidata itembe used either as rood, reed, or to make biofuels. For example, since 2006, a portion of land that was also formerly usedCite this pageto grow other crops in the United States is now used to grow corn for biofuels, and a larger share of corn is destined toethanol production, reaching 25% in 2007) 61 second generation biofuels could potentially combine farming for food andPrinVexportCre ate a bookfuel and moreover, electricity could be generated simultaneously, which could be beneficial for developing countries andDow nload as PDFrural areas in developed countriesm With global demand for biofuels on the increase due to the oil price increases takingPrinta ble versionLanguagesplace since 2003 and the desire to reduce oil dependency as well as reduce GHG emissions from transportation, there isf)DeutschFran aisalso fear of the potential destruction of natural habitats by being converted into farmland.181 Environmental groups haveraised concerns about this trade-off for several years,19ll10ll11ll 121 but now the debate reached a global scale due to the2007- 2008 world food price crisis. On the other hand, several studies do show that biofuel production can be significantlyct: (.; Edit linksincreased without increased acreage Therefore stating that the crisis in hand relies on the foodscarcityl13ll14ll151UCDavis,Agriculturaland Resource Economics

Only Important Topics Have Wikipedia PagesC: : : AppsCl CJ D https://en .w ikiped ia.o rg/wiki/Agricultural al Data SelectCreate account Log inArticleWIKIPEDIAThe Free EncyclopediaTalkReadEditView history -e a rc h o. JAgricultural economicsFrom Wikipedia, the free encyclopediaMain page"Agronomic redtrects here. It 1s not to be confused with Agronomy.ContentsFeatured con tentAg ricultural econ omics originally applies the principles of economics toCurrent eventsthe production of crops and livestock - a discipline known as agronomics.Random articleAgronomics was a branch of economics that specifically dealt with landDonate to Wikipediausage. It focused on maximizing the crop yield while maintaining a good soilWikipedia storeecosystem. Throughout the 2oth century the discipline expanded and theInteractioncurrent scope of the discipline is much broader. Agricultural economicsHelptoday includes a variety of applied areas. having considerable overlap withAbou t Wiki pediaconventional economics.11ll2ll3ll4l Agricultural economists have madeCommunity portalRecent changessubstantial contributions to research in econom ics, econometrics,Contact pagedevelopment economics. and environmental economics. Agriculturaleconomics influences food policy, agricultural policy, and environmentalToolsUpload fileContents [hide]1 OriginsSpecial pagesPermanent link2 DevelopmentPage information3 Major topics in agricultural economicsWikidata item3. 1 Agri cultural environment and natural resourcesCite this page3 2 Food and consum er economics3 3 Production economics and farm m anagem entPrint/export4 Profession al associationsCreate a bookDownload as PDF5 Careers in agricultural economicsPrintable version6 LiteratureLanguagesAfrikaans .) LiiCatalani 11t h0History · Types · ClassificationHistory of economicsEconomic history (academic study)Microeconomics · Macroeconomics ·IRelated changesIndex · Outline · CategorySchools of economicspolicy.What links hereWorld GDP ( PPP) per caprta by coontry (2012)7 See alsoHeterodox economics · Methodology ·JEL classification codesConcepts· Theory· TechniquesEconometrics · Economic growth ·Economic system · Experimental economics ·Mathematical economics · Game theory ·Market · National accountingBy applicationAg ricu ltu ral · Behavioral · Busi ness ·Computational · Cultural · Demographic ·Development · Digitization · Ecological ·Education · Environmental · Evolutionary ·8 R eferencesExpeditionary · Geography · Health · xtemal linksIndustrial organization · Information ·· Labour· Law · Managerial·International UCDavis,Agriculturaland Resource Economics

Only Important Topics Have Wikipedia PagesC: : : AppsCl CJ D https://en .w ikiped ia.o rg/wiki/Agricultural al Data SelectCreate account Log inArticleWIKIPEDIAThe Free EncyclopediaTalkReadEditView history -e a rc h o. JAgricultural economicsFrom Wikipedia, the free encyclopediaMain page"Agronomic redtrects he . It 1s not to be confused with Agronomy.ContentsFeatured con tentAg ricultural econ omics oriCurrent eventsthe production of crops and livestock - a discipline known as agronomics.Random articleAgronomics was a branch of economics that specifically dealt with landDonate to Wikipediausage. It focused on maximizing the crop yield while maintaining a good soilWikipedia storeecosystem. Throughout the 2oth century the discipline expanded and theInteractioncurrent scope of the discipline is much broader. Agricultural economicsHelptoday includes a variety of applied areas. having considerable overlap withAbou t Wiki pediaconventional economics.11ll2ll3ll4l Agricultural economists have madeCommunity portalRecent changessubstantial contributions to research in econom ics, econometrics,Contact pagedevelopment economics. and environmental economics. Agriculturaleconomics influences food policy, agricultural policy, and environmentalToolsUpload fileContents [hide]1 OriginsSpecial pagesPermanent link2 DevelopmentPage information3 Major topics in agricultural economicsWikidata item3. 1 Agri cultural environment and natural resourcesCite this page3 2 Food and consum er economics3 3 Production economics and farm m anagem entPrint/export4 Profession al associationsCreate a bookDownload as PDF5 Careers in agricultural economicsPrintable version6 LiteratureLanguagesAfrikaans .) LiiCatalani 11t h0History · Types · ClassificationHistory of economicsEconomic history (academic study)Microeconomics · Macroeconomics ·IRelated changesIndex · Outline · CategorySchools of economicspolicy.What links hereWorld GDP ( PPP) per caprta by coontry (2012)7 See alsoHeterodox economics · Methodology ·JEL classification codesConcepts· Theory· TechniquesEconometrics · Economic growth ·Economic system · Experimental economics ·Mathematical economics · Game theory ·Market · National accountingBy applicationAg ricu ltu ral · Behavioral · Busi ness ·Computational · Cultural · Demographic ·Development · Digitization · Ecological ·Education · Environmental · Evolutionary ·8 R eferencesExpeditionary · Geography · Health · xtemal linksIndustrial organization · Information ·· Labour· Law · Managerial·International UCDavis,Agriculturaland Resource Economics

Only Important Topics Have Wikipedia PagesC: : : AppsCl https://en .w ikip ed ia.o rg/wiki/Agricultural economics.A. D --'"W Divisional Data SelectCreate account Log inArticleWIKIPEDIAThe Free EncyclopediaTalkReadEditView history '---e a rc h o.JJAgricultural economicsFMain pageContentsFeatured con tentACurrent eventsttRandom articleADonate to Wikipediae cont' sea0ue ,,.,.m'm'l'll'm'l'm""!l """""""!!l'll"l'!''t'll'l!"-- ----. .,.----- ----------.1Wikipedia storeInteractioncurrent scope of the discipline is much broader. Agricultural economicsHelptoday includes a variety of applied areas, having considerable overlap withAbou t Wiki pediaconventional economics.11ll2ll3ll4l Agricultural economists have madeCommunity portalRecent changessubstantial contributions to research in econom ics, econometrics,Contact pagedevelopment economics. and environmental economics. Agriculturaleconomics influences food policy, agricultural policy, and environmentalToolsContents [hide]Upload file1 OriginsSpecial pagesIPermanent link2 DevelopmentPage information3 Major topics in agricultural economicsWikidata item3. 1 Agri cultural environment and natural resourcesCite this page3 2 Food and consum er economics3 3 Production economics and farm m anagem entPrint/export4 Profession al associationsCreate a bookDownload as PDF5 Careers in agricultural economicsPrintable version6 Literature .) LiiCatalanP 11t hIndex · Outline · CategoryHistory · Types · ClassificationHistory of economicsEconomic history (academic study)Microeconomics · Macroeconomics ·Related changesAfrikaans /World GDP ( PPP) per caprta by coontry (2012)Schools of economicspolicy.What links hereLanguagesh Agron am07 See alsoHeterodox economics · Methodology ·JEL classification codesConcepts· Theory· TechniquesEconometrics · Economic growth ·Economic system · Experimental economics ·Mathematical economics · Game theory ·Market · National accountingBy applicationAg ricu ltu ral · Behavioral · Busi ness ·Computational · Cultural · Demographic ·Development · Digitization · Ecological ·Education · Environmental · Evolutionary ·8 R eferencesExpeditionary · Geography · Health · xtemal linksIndustrial organization · Information ·· Labour· Law · Managerial·International UCDavis,Agriculturaland Resource Economics

Only Important Topics Have Wikipedia PagesC: : · A pps Elhttps://en.w ikipedia.org/wiki/Gordon Rausser['.) Divisional Data SelectCreate account Log irA rtideWIKIPEDIAThe Free EncyclopediaMain pageContentsFeatured contentCurrent eventsTalkReadEditView historyGordon RausserFrom Wikipedia, the free encydopediaGord on Rausser is the Robert Gordon Sproul Distinguished Professor inCalifornia, Berkeley. He is an economist who served on the Council ofRandom arti cleEconom ic Advisors under President Ronald Reagan ( 1986-87) and as ChiefEconom ist at the Agency for International Development ( 1988- 90). He alsoWikipedia storeco-founded the Institute for Policy Reform in Washington, D.C., in 1989. Theinstitute's purpose was to enhance the foundation for economic growth inHelpdeveloping countries by supporting and disseminating research in the fieldAbout Wikipediaof economic and policy reform. Rausser served as president of the IPR for 5Community portalyears ( 1990- 94 ). Rausser's distinguished governmental service has beenRecent changesContact pageToolsWhat li nks hereRelated changesGordon Ra usse rthe Department of Agricu lture and Resource Economics at the University ofDonate to WikipediaInteractionl s e a rc h Qrecogn ized with a Superior Unit Citation Award from the Agency forInternational Development (1990 ).Rausser has won 16 national research and teaching awards from suchorganizations as Harvard University, the American Agricultural EconomicsOccu pationUpload fileAssociation, and the Western Agricultural Econom ics Association. HisSpecial pagesresearch interests include natu ral resou rce economics. biotechno logy,Permanent linkenvironmental policy, bargaining and negotiation theory, regu latory policy, futures and options markets, industrialPage informationWikidata itemCite this pageProfessororganization, and antitrust analysis. He has published hundreds of well-regarded articles and several books. His mostrecent book is Political Power and Economic Policy: Theory, Analysis, and Empirical Applications (20 11 ). of which he isthe lead author, published by Cambridge UniVersity Press. Political Power and Economic Policy analyzes the linksPrinVexportCreate a bookbetween political economics, governance structures, and the distribution of political power in economic policy making.Download as PDFIn recognition of Rausser's important contributions to his field, he has been nominated as fellow of the AmericanPrintable versionAssociation for the Advancement of Science, the American statistical Association, and the American Agricu lturalDavis,Economics Association, among several other national and international scholarly UCassociations.Agricultural and Resource Economics

Wait, Do They Give These Pages to Anyone?: : AppsC https://en.w iki pedia.org/wiki/Colin CarterCJ Divisional Data SelectCreate account Log inArticleW I KIPEDI AThe Free EncyclopediaMain pageContentsFeatured contentTalkReadE ditView history1earchColin Ca1terF rom Wikipedia, the free encyclopediaColin A. Carter is Professor of Agricultural and Resource Economics at the University of California, Davis Hisresearch/teaching interests include international trade, futures markets. and commodity marketsCurrent eventsCarter is an Albertan He was born and raised on a grain farm in Sexsmith, Alberta , Canada He obtained a BA inRandom articleEconomics and an MS in Agricultural Economics from the University of Alberta He then studied at University ofDonate to WikipediaCalifornia, Berkeley where he completed a MA in Economics and a Ph D in Agricultural Economics in 1980 From 1980Wikipedia storeInteractionto 1986, he held the position of Assistant Professor in Agricultural Economics at the University of Manitoba He is now aprofessor at UC DavisHelpAbout WikipediaCarter has published more than 130 research papers, and has authored or edited 15 books He has published in theCommunity portalareas of international trade. commodity markets. agricultural policy, futures and options markets. the econom ics ofRecent changesChina 's agriculture. and the economics of agricu ltural biotechnology Colin has received a number of professional awardsContact pagefor Quality of Research Discovery; for Quality of Communication. and for Distingu ished Policy Contribution l1l 1n 2001. heToolswon the American Agricultural Economics Association (AAEA) award for ·outstanding Essay for the 21st century" for WiiiWhat links hereChina Become a Major Force in World Food Markets7, co-authored with Scott Rozelle l21carter was named Fellow ofRelated changesAAEA in 2000 in recognition of his contributions to the field of agricultural economics.131Upload fileSpecial pagesCarter has written a textbook on Futures and Options Marketsl 41and teaches a UC Davis undergraduate class on futuresPermanent linkand options markets and a graduate class on international commodity trade In 2013, he was listed as one of the 15Page i nformationCommodity-Friendly professorsl51 on commodity HQ @ 161Wikidata itemCite this pageSince 1985, he has travelled extensively to China, studying China's domestic commodity markets and China'sparticipation in the international agricultural market In 1988, with Professor Funing Zhong from Nanjing AgriculturalPrint/exportCreate a bookDownload as PDFPrintable versionUniversity, he published one of the first books to explain the economic ettects of the decollectivization of China'sagricultureCarter has taken an active role in national and international professional societies From 1986-89, he held a 3-yearfellowship in international food systems from the Kellogg Foundation Colin served as cha ir of the UC Davis Departmentof Ag ricultural and Resource Economics from 1998 to 2001 He is currently Chair of the Giannini Foundation ofAgricultural Economics mUC Davis, Agricultural and Resource Economics

NoC: : : Apps[J 'ti 0(5 https://en.w ikipedi a.o rg/ w iki/Aaron Smith Divisional Data SelectCreate account L og inArticle TalkWIKIPEDIA1he Free EncyclopediaMain pageRead EditView history l. s e a rc h !i]o. ,Aaron SmithFrom Wikipedia, the free encyclopediaAaron Smith is the name of:ContentsFeatured content Aaron Smith (born 1985), real name of American rapper ShwayzeCurrent events Aaron Smith (conspirator) (died 1701 ). English lawyer. involved in the Popish Plot and Rye House PlotRandom article Aaron Smith (American footba ll) (born 1976), American football playerDonate to Wi kipediaWikipedia store Aaron Smith (mag ician) (born 1976), American magician and writer Aaron Smith (rugby league) (born 1982), British rugby playerInteractionHelp Aaron Smith (rugby union) (born 1988), New Zea land ru gby union playerAbout Wikipedia Aaron Smith (musician) (born c. 1952), American drummer and percussionistCommunity portal Aaron Smith (DJ) (liv ing), English disc jockeyRecent changes Aaron Smith (guitarist). American guitarist fo r the band BrazilContact page Aaron Smith (author), author and freelance journalistUC Davis, Agricultural and Resource Economics

NoC: : : Apps[J 'ti 0(5 https://en.w ikipedi a.o rg/ wiki/Aaron Smith Divisional Data SelectCreate account L og inArticle TalkWIKIPEDIA1he Free EncyclopediaMain pageRead EditView history l. s e a rc h !i]o. ,Aaron SmithFrom Wikipedia, the free encyclopediaAaron Smith is the name of:ContentsFeatured content Aaron Smith (born 1985), real nCurrent events Aaron Smith (conspirator) (died 1701 ).Random article Aaron Smith (American footba ll) (born 1976), American football playerDonate to Wi kipediaWikipedia storee of American rapper Shwayze Aaron Smith (mag ician) (born 1976), American magician and writer Aaron Smith (rugby league) (born 1982), British rug by playerInteractionHelp Aaron Smith (rugby union) (born 1988), New Zea land rugby union playerAbout Wikipedia Aaron Smith (musician) (born c. 1952), American drummer and percussionistCommunity portal Aaron Smith (DJ) (living), English disc jockeyRecent changes Aaron Smith (guitarist). American guitarist for the band BrazilContact page Aaron Smith (author), author and freelance journalistUC Davis, Agricultural and Resource Economics

Commodity Storage and the MarketEffects of Biofuel PoliciesColin Carter, Gordon Rausser, and ShwayzeARE 50th Anniversary CelebrationUC DavisMarch 20, 2015

Annual Disappearance of US Corn1400012000"' 10000 ExportsQ).c"'.cc:J·-E08000 Food6000 DOG from Ethanol Feed Ethanol4000200001980198519901995200020052010UC Davis, Agricultural and Resource Economics

The Renewable Fuel Standard 38% of corn used for ethanol this year(26% after accounting for DDG) RFS2 (2007) doubled the mandate overRFS1 This paper estimates the effect of theRFS2 on corn pricesUC Davis, Agricultural and Resource Economics

RFS Now At Crossroads We have hit the blend wall No cellulosic productionUC Davis, Agricultural and Resource Economics

We Need to Model Inventory Dynamics Corn is storable – on average 18% of crop is carried into following year A permanent shock has a larger price effect than a transitory shock Permanent shocks cannot be mitigated by drawing down invento

conventional economics.11ll2ll3ll4l Agricultural economists have made substantial contributions to research in economics, econometrics, development economics. and environmental economics. Agricultural economics influences food policy, agricultural policy, and environmental policy. I Contents [hide] 1 Origins 2 Development

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