Price-supply flexibility of wheat market in the Czech Republic

Abstract

SYROVÁTKA PAVEL: Price-supply fl exibility of wheat market in the Czech Republic. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2013, LXI, No. 4, pp. 1145-1151 The paper explores of the price-supply fl exibility of the Czech commodity market for food quality wheat in the period 1995-2011. For this analysis, inversion defi nition of the supply function was applied. The model of the inverse supply function in the Czech wheat market was based on the double log-linear construction. The parameters of the given supply model were estimated using OLS-HAC method. The developed regression model of the supply function was statistically tested. Ordinary and dynamic price fl exibility of the wheat supply on the Czech commodity market was determined in relation to the parameters of the developed econometric model. In accordance with the estimations, the ordinary price-supply fl exibility achieved + 0.3492% and the dynamic price-supply fl exibility of the fi rst order was -0.2210%. Within the interpretation of both estimated coeffi cients of the pricesupply fl exibility, the multi-factor nature of the commodity supply function must be respected. Moreover, it is important to distinguish the short-term and long-term period within the evaluation of the price-supply fl exibility.Czech wheat market, agricultural commodity supply, inverse supply function, regression supply model, price-supply fl exibility Address doc. Ing.

Availability and Applicability of Wood and Crop Residues for the Production of Wood Composites

“…Concerning wheat, after the massive increase in the area planted between 1960 and 1980, a stabilization can be observed around the level of 0.8 million hectares between 1980 and 2019. This was partially due to a relative stable price in the global markets in this period (besides spikes in 2008 and 2010) and also to the relatively stable demand in the Czech Republic [62].…”

“…global markets in this period (besides spikes in 2008 and 2010) and also to the relatively stable demand in the Czech Republic [62]. The variable that represents the wheat sowing area was tested for the existence of the unit root using the Augmented Dickey-Fuller test.…”