Türkiye has possessed significant agricultural opportunities throughout its history. Although the effective utilization of these opportunities is a subject of debate today, the country still plays a significant role in the global trade of some agricultural products. When discussions about...

The Egyptian pound (LE) has experienced multiple devaluations over the last few years. One of the proclaimed causes was the severe rise in the prices of Egypt's two main imports - wheat and oil - that followed the eruption of the Russian-Ukraine war and inflated Egypt's import bill, resulting in...

Over the past two decades, the Black Sea region has exhibited significantly growing wheat production and exports. In 2017/18, Russia ultimately became the world’s largest wheat exporter, a position that was held by the USA for decades. Mostly serving destination markets in the Middle East and...

We analyze Chicago based daily wheat price volatility over more than 140 years using a novel data set of daily high and low futures prices starting in 1877. We identify five long-run regimes and find that that volatility shifts between regimes are statistically more pronounced than fluctuations...

This paper analyzes daily wheat price volatility over an observation period of more than 140 years, using daily high and low prices of futures contracts traded at the Chicago Board of Trade (CBOT), starting in 1877. We find that volatility differences between the identified regimes is much more...

We investigate the event-based geopolitical shocks from the Russian invasion of Ukraine on selected agricultural and energy commodities using daily event-based structural vector autoregression (SVAR). We find that the geopolitical shock affects the markets of wheat (3%) and European natural gas...

This paper investigates the impact of increases in wheat flour prices on household food security using unique nationally-representative data collected in Afghanistan from 2007 to 2008. It uses a new estimator, the Unconditional Quantile Regression estimator, based on influence functions, to...

The close relationship between commodity future and cash prices is critical for the effectiveness of risk management and the functioning of price discovery. However, in recent years, commodity futures prices, across the board, have appeared increasingly detached from prices on physical markets....

We investigate wheat price relationships between the import-dependent countries in Central Asia and the South Caucasus and the Black Sea wheat exporters to assess wheat market efficiency which is crucial for ensuring availability and access to wheat and for reducing food insecurity. Results of...

Introduction: It is commonly observed that the ratio of food prices during the war times had become significantly more important than usual periods within the countries including Turkey, known as the Ottoman Empire that previously defeated in Balkans just before the Great World War. The scope of...

India has pursued an active food security policy for many years, using a combination of trade policy interventions, public distribution of food staples, and assistance to farmers through minimum support prices defended by public stocks. This policy has been quite successful in stabilizing staple...

This paper provides a general overview of the current status and key challenges of the Ethiopian wheat value chain. Wheat is an important staple food crop in Ethiopia. Improving wheat production and productivity is therefore a key part of the agenda in the Ethiopian government’s food security...

The paper provides the first large-scale survey-based evidence on the impact of the global food crisis of 2007-08 using an indicator of self-assessed food security from the Gallup World Poll. For the sampled countries as a whole, this subjective indicator of food security remained the same or...

This paper investigates the impact of rising wheat prices -- during the 2007/08 global food crisis -- on food security in Afghanistan. Exploiting the temporal stratification of a unique nationally-representative household survey, the analysis finds evidence of large declines in real per capita...

The Special Safeguard Mechanism was a key issue in the July 2008 failure to reach agreement in the World Trade Organization negotiations under the Doha Development Agenda. It includes both price and quantity-triggered measures. This paper uses a stochastic simulation model of the world wheat...

Climate anomalies affect agricultural production in different parts of the world and can impact price behavior of internationally traded commodities. This research examines the effect of a particular climate phenomenon, El Nino Southern Oscillation (ENSO), on wheat prices from the major...

This paper further builds on the price transmission model framework of existing studies to identify domestic wheat price effects of wheat export controls. We explicitly take the fact into account that a harvest failure causes domestic price effects as well. Moreover, the analysis at the regional...

The surge in global commodity prices of the past few years has presented a tremendous development challenge for South Asian countries. The large loss of income from the terms of trade shock has worsened macroeconomic balances, fueled rapid inflation, and hurt growth. Although commodity prices...

Government intervention is the main reason for the low correlation between cash prices for Polish wheat and wheat futures prices in Chicago and London. Polish government policies reduce incentives for Poland`s private sector to use existing wheat futures contracts in foreign exchanges to hedge...

Russia has become the world's biggest wheat exporter, and it has a chance to remain as such. A downswing trend in global food markets and a weakened effect of ruble devaluation may reduce success rates of Russia's grain exports in years to come

India has pursued an active food security policy for many years, using a combination of trade policy interventions, public distribution of food staples, and assistance to farmers through minimum support prices defended by public stocks. This policy has been quite successful in stabilizing staple...

With the aid of the VECM (vector error correction model), this paper studied dynamic effect of wheat price and flour price conduction mechanism in the wheat industry chain. Study results indicate that in a long term, wheat price and flour price have equilibrium relationship. Through threshold...

We develop an extended Nominal Rate of Assistance (NRA) methodology to disentangle the welfare impacts of policies for various interest groups along the value chain (to disaggregate effects within the “producer” and “consumer” umbrellas). We apply our value chain NRA methodology to the...

Seit dem 1. Februar 2015 werden russische Weizenexporte zusätzlich besteuert, um die jüngst stark angestiegenen Weizenexporte zu reduzieren. Ziel ist es, dem weiteren Ansteigen der bereits hohen inländischen Weizenpreise entgegenzuwirken und die Brotpreise zu stabilisieren. Erfahrungen der...

We develop an extended Nominal Rate of Assistance (NRA) methodology to disentangle the welfare impacts of policies for various interest groups along the value chain (to disaggregate effects within the "producer" and "consumer" umbrellas). We apply our value chain NRA methodology to the case of...

This paper investigates the international quarterly prices of wheat and rice from 1983(1) to 2012(4). The empirical analysis takes place with the structural time series methodology which decomposes the price series into their trend, cycle, seasonal and irregular components. The empirical results...

The Russian government implemented a wheat export tax in February 2015 to reduce food inflationary pressures resulting from the rouble’s dramatic devaluation. This article discusses the causes of the rouble’s instability and volatility, and the effects of the export controls on domestic...

Since 1 February 2015, an additional tax has been levied on Russian wheat exports to reduce the recently strongly rising wheat exports. The aim is to dampen further increases in the already high domestic wheat prices and to stabilise bread prices. However, recent experiences in various countries...