The Farm Security and Rural Investment Act of 2002 (2002 Farm Act), which governs agricultural programs through 2007, was signed into law in May 2002. This report presents an initial evaluation of the new legislation's effects on agricultural commodity markets, based on sectorwide model...

Over the next several years, crop prices are projected to be below to slightly above commodity loan rates. As a result, marketing loan benefits to farmers, in the form of loan deficiency payments and marketing loan gains from the commodity loan program, are likely to continue to be sizeable. The...

An econometric model of the dairy industry was used to estimate the effects on farmers, consumers, and taxpayers of nationwide adoption of the California nonfat solids standards for fluid milk. It was estimated that adoption of the California standards would raise farm-level milk prices by 1 to...

If a production process is characterized by a homogeneous production function, the conditions required for profit maximization imply that the elasticity of demand for each input must be elastic with respect to output price. This restriction limits the usefulness of these functions in empirical...

This article describes the structure and dynamic properties of the Food and Agricultural Policy Simulator (FAPSIM), an annual econometric model of the US agricultural sector F APSIM estimates a simultaneous price-quantity equilibrium solution for a set of individual commodity models developed...

The poultry� and egg�sector submodel of USDA's Food and Agricultural Policy Simulator (FAPSIM) endogenously estimates supply, production, ending stocks, retail and wholesale prices, civilian consumption of chicken, turkey, and eggs, the number of layers on farms, the consumer price...

This article presents the structure, parameters, and validation statistics for the dairy-sector sub-model contained in the U S Department of Agriculture's (USDA's) Food and Agricultural Policy Simulator (FAPSIM) This submodel endogenously estimates dairy cow numbers, milk production farm-level...

This report examines the economic effects of the principal programs authorized under the Farm Security and Rural Investment Act of 2002 that influence the U.S. dairy sector. The analytical results presented in this study were used as input to a broader study mandated by Congress, which required...