Abstract

GIORGETTI, M.; CALVO, S.  and  SALVADOR, L.. An analysis of the spatial integration of the soya and the corn markets. Agriscientia [online]. 2007, vol.24, n.2, pp.79-85. ISSN 1668-298X.

The main goal of this work is to study the transmission of the international price signals (FOB Chicago) to domestic prices (FAS price) in the frame of the theory of the spatial integration of the markets (being the operational definition the law of only one price), for a group of agricultural "commodities" (corn and soybean) produced in Argentina between the period 1985 and 2003. The methodology consists on establishing the econometric properties of the series and assessing the integration of the markets applying a co-integration analysis by means of autoregressive vectors (VAR). Among the results, the long term spatial integration of the corn and soya markets is outlined. Thus, in the presence of a disequilibrium in the long term relationship between the domestic and the international prices, both react -the following periodin order to return to the equilibrium.

Keywords : Soybean; Corn; Co-integration; Autoregressive vectors; Spatial integration of markets.

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