Effects of Marketing Loans on U.S. Dry Peas and Lentils: Supply Response and World Trade
by William Lin and Gary Lucier
Economic Research Report No. (ERR-58) 41 pp, May 2008
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The 2002 Farm Act required USDA to implement marketing loans for the 2002-07 crops of dry peas, lentils, and small chickpeas. This provision led to expanded acreage for dry peas and lentils, crops analyzed in this study. The analysis found that marketing loans played a role in expansion for dry peas in 2003-05 and for lentils in 2003. For dry peas and lentils, marketing loans contributed to acreage expansion in North Dakota and Montana. Simulation model results suggest that the marketing loans had negligible impacts on world prices for dry peas and lentils in 2003-05. Impacts on U.S. exports were minor, increasing by about 2 percent in 2003.
Keywords: dry peas, lentils, marketing loan, supply response, world trade
In this publication...
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Report summary, Pdf file 180 kb | HTML
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Abstract, Acknowledgments, and Contents, Pdf file 242 kb
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Summary, Pdf file 49 kb
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Introduction, Pdf file 79 kb
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The Dry Pea and Lentil Industry: United States vs. Canada, Pdf file 153 kb
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The U.S. Marketing Loan Program, Pdf file 55 kb
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The Acreage Response Model, Pdf file 70 kb
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Estimated Model Results, Pdf file 54 kb
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The Role of Marketing Loans in Acreage Expansion, Pdf file 108 kb
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Implications of Marketing Loans for World Trade in Dry Peas and Lentils, Pdf file 45 kb
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Conclusions, Pdf file 44 kb
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References, Pdf file 50 kb
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Appendix A—Expected Grower Prices and Expected Net Returns for Dry Peas and Lentils, 1997-2005, Pdf file 56 kb
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Appendix B—Conceptual Framework and Simulation Model, Pdf file 84 kb
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Entire report, Pdf file 571 kb
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