Stockpiling U.S. Agricultural Commodities with Volatile World Markets: The Case of Soybeans
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This article examines two alternative U S stockpiling objectives In the context of
volatile world markets The first objective IS to prevent the US soybean price from
falling below a support price and the second IS to bound the U S soybean price by a
set of support and release prices A size limit of public soybean stocks is Imposed
and additional market Intervention is not allowed The first objective can be fulfilled
more frequently and at less cost than the second Both objectives are fulfilled
too Infrequently when market volatility Increases, unless the distance between the
support and release prices is increased