Dynamic Price Relationships for U.S. and EC Corn Gluten Feed and.

The dynamic relationship of U.S. and European Community prices of corn-gluten feed and related markets are investigated using time- series models. Results show that prices for Rotterdam corn-gluten feed and soybean meal markets are instantaneously related, and that these commodities behave as strong substitutes but behave as weak substitutes for West German barley. Thus, the results indicate that corn-gluten feed acts more like a protein supplement than a feed grain or energy substitute. Thus, proposed European community import restrictions on corn-gluten feed are more likely to result in increased imports of soybean meal or other protein supplements than increase d use of European Community feed grain. Copyright 1986 by Oxford University Press.