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Table 5 Estimation results for soybeans

From: Short-term acreage forecasting and supply elasticities for staple food commodities in major producer countries

Variable Argentina Brazil China India Ukraine USA
Lagged own area   0.196* (0.097)    0.493** (0.206)  
Own crop price 0.061 (0.059) 0.340* (0.181) 0.300** (0.124) 0.157* (0.084) 0.609 (0.546) 0.265** (0.120)
Corn price −0.067 (0.059) −0.203* (0.124) −0.476*** (0.150) −0.046 (0.170) −0.178 (0.457) −0.255* (0.145)
Wheat price      −0.993* (0.582)  
Fertilizer price −0.042 (0.038) −0.086* (0.046)    −0.231* (0.136) 0.025 (0.023)
Dummy 1995    −1.504** (0.552)    
Dummy 2006    2.244*** (0.704)    
Constant 0.060*** (0.014) 0.040*** (0.013) −0.007 (0.013) 0.039* (0.019) 0.146* (0.082) 0.005 (0.009)
N 24 23 23 17 19 28
Joint F-test (p value) 0.24 0.058 0.000 0.147 0.056 0.016
Adj. R 2 0.121 0.199 0.415 0.068 0.347 0.294
Why this specif.? A, C A, B, C A, B, C A, B, C A, B, C A, C
  1. All variables except dummies are in log differences. Figures in parentheses are Newey-West autocorrelation adjusted standard errors. Criteria for selection of specification (with versus without lagged area): A: adjusted R 2 higher in the chosen specification; B: BIC lower in the chosen specification; C: statistical significance of the coefficient for the autoregressive term
  2. *P < 0.10, ** P <0.05, *** P <0.01