Price Discovery In Thin Agricultural Markets

Date:  Thursday, May 29, 2014

Time:  9:00 a.m. - 12:30 p.m.

Location:  Patriots Plaza III Auditorium A
355 E Street, SW
Washington, DC

Understanding price discovery is essential to the efficiency of agricultural markets which send signals to producers and consumers. However, concerns arise when price discovery is limited in markets with low volume of spot or cash transactions.  Particularly, failure of the markets to realize or generate competitive prices can result in distortions and market inefficiency with disproportional effects on market participants.

This workshop brought together researchers from academics as well as leading economists from government agencies to lay a foundation for future research on the topic of price discovery in thin agricultural markets. The agenda included two presentations of ongoing cooperative research with the Economic Research Service on the nature and scope of thin agricultural markets followed by a panel discussion.

Agenda

  • 9:00 a.m. - 9:15 a.m.: Welcome, Gopinath Munisamy, Director, Market and Trade Economics Division, Economic Research Service, USDA
  • 9:15 a.m. - 10:00 a.m.: Thin Cattle and Hogs Markets, Wade Brorsen, Regent Professor and A.J. and Susan Jacques Chair, Department of Agricultural Economics, Oklahoma State University
  • 10:00 a.m. - 10:45 a.m.: Thin Crop Markets, Richard Sexton, Professor and Chair, Department of Agricultural and Resource Economics, University of California, Davis
  • 10:45 a.m. - 11:00 a.m.: Coffee Break
  • 11:00 a.m. - 12:45 p.m.: Panel Discussion
    • Mary Bohman, Administrator, Economic Research Service, USDA
    • Joseph Glauber, Chief Economist, USDA
    • Barry Goodwin, William Neal Reynolds Distinguished Professor, Department of Agricultural and Resource Economics, North Carolina State University
    • Joy Harwood, Director of Economic Policy Analysis Staff, Farm Service Agency, USDA
    • Hubert Hamer, Director, Statistics Division, National Agricultural Statistics Service, USDA
    • Warren Preston, Associate Deputy Administrator, Agricultural Marketing Service, USDA
  • 12:45 p.m.: Adjourn