Table of Contents Author Guidelines Submit a Manuscript
International Journal of Agronomy
Volume 2017, Article ID 3931897, 15 pages
https://doi.org/10.1155/2017/3931897
Research Article

An Overview of Global Wheat Market Fundamentals in an Era of Climate Concerns

1Business Administration, California State University, Northridge, 18111 Nordhoff Street, Northridge, CA 91330, USA
2Department of Agricultural and Resource Economics, Colorado State University, 1200 Center Ave. Mall, Fort Collins, CO 80523-1172, USA

Correspondence should be addressed to Amanda M. Countryman; ude.etatsoloc@namyrtnuoc.adnama

Received 23 February 2017; Revised 25 April 2017; Accepted 3 May 2017; Published 2 July 2017

Academic Editor: Anna I. De Luca

Copyright © 2017 Aliakbar Enghiad et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Wheat is a key global commodity in terms of acreage and tradeable value and as a staple in household diets. Many factors affect wheat prices including climate, yields, oil prices, lagged prices, and imports. In addition to gradually and consistently increasing global wheat demand, these market drivers are posited to impact world prices and, ultimately, food security. To investigate how these factors differentially influence wheat markets, an extensive survey of literature regarding wheat market fundamentals was conducted, as well as a trend analysis using a uniquely compiled data set specific to significant wheat-producing areas. Previous studies show that imports, climate, oil prices, and past prices, among other factors, have a significant relationship with changes in the world wheat price. This study compiles and compares these same key variables from five major wheat export countries/regions for the time frame from 1980 to 2013.