Agricultural Economics, 2021 (vol. 67), issue 10
Reducing the European Union's plant protein deficit: Options and impactsOriginal Paper
Hans Grinsted Jensen, Christian Elleby, Ignacio Pérez Domínguez
Agric. Econ. - Czech, 2021, 67(10):391-398 | DOI: 10.17221/94/2021-AGRICECON 
The EU has a historical deficit of plant protein and is heavily reliant on imports to sustain domestic livestock production. Using an economic model of global agricultural markets, this article investigates three policy drivers that could have an influence on the increased production of protein-rich crops in the EU, namely coupled payments for protein-rich crops, investment in research and development leading to higher yields, and phasing out of imported high indirect land-use change risk biofuel feedstocks. Results indicate that a one per cent annual increase in yields over the medium-term has a much larger effect on EU domestic protein production...
Price transmission in biofuel-related global agricultural networksOriginal Paper
Karel Janda, Ladislav Krištoufek, Barbora Schererová, David Zilberman
Agric. Econ. - Czech, 2021, 67(10):399-408 | DOI: 10.17221/223/2021-AGRICECON
This article investigates the connections among the prices of biofuels, agricultural commodities and other relevant assets in Europe, the US, and Brazil. The analysis includes a comprehensive data set covering price data for 38 traded titles during the period from 2003 to 2020. We used the minimum spanning tree (MST) approach to identify price connections in a complex trading system. Our analysis of mutual price connections reveals the major defining features of world-leading biofuel markets. We provide the characteristics of the main bioethanol and biodiesel markets with respect to government policies and technical and local features of the production...
Technical efficiency of the food and drink industry and its determinantsOriginal Paper
Zdeňka Náglová, Marie Šimpachová Pechrová
Agric. Econ. - Czech, 2021, 67(10):409-422 | DOI: 10.17221/93/2021-AGRICECON
This study focuses on evaluating the technical efficiency (TE) of food and drink companies in the Czech Republic and on finding its determinants. The analysis is based on the data of 597 firms and uses the stochastic frontier method. We have identified the key players in the market and the less effective groups of processors. Foreign-owned companies have a strong position because of a better economy, but the results showed that their efficiency is comparable with that of Czech-owned companies. The results helped confirm that the size of the company influences its TE. The lowest efficiency was observed in small companies. TE also differed among branches...
Crude oil futures to manage the price risk of natural rubber: Empirical evidence from IndiaOriginal Paper
Kepulaje Abhaya Kumar, Prakash Pinto, Iqbal Thonse Hawaldar, Cristi Spulbar, Ramona Birau
Agric. Econ. - Czech, 2021, 67(10):423-434 | DOI: 10.17221/28/2021-AGRICECON
The trading of natural rubber derivatives in the Indian commodity exchanges was banned several times in the past. Hence, in India, the derivatives on natural rubber are not traded actively and regularly. We have examined the possibility of a forecast model and a cross hedge tool for the natural rubber price by using crude oil futures in India. Results of the Johansen cointegration test proved that there is no cointegration equation in the model; hence, there is no scope to develop long-run models or error correction models. We have developed a vector autoregressive [VAR(2)] model to forecast the rubber price, and we examined the possibility of a cross...