Export Demand Elasticity Estimation for Major U.S. Crops
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Elevated prices for major U.S. commodities have renewed interest in the price sensitivity of
foreign demand facing the United States. Although the elasticity of foreign demand plays an
important role in discussions of U.S. farm policy, it is also a parameter that is much debated
with the majority of studies in this area published over 20 years ago. We provide new estimates
of the elasticity of export demand for U.S. corn, soybeans, and wheat using updated
data and empirical techniques. Our estimates are useful for practical policy analysis as well as
for researchers seeking to parameterize large-scale simulation models.