Table 5 Estimated long-run coefficients for price transmission of soymeal to poultry feed

\({\mathit{ln}Soy(NonGM)}_{t-1}^{+}\)

0.441***

(0.098)

0.134*

(0.074)

0.193*

(0.109)

− 0.126

(0.156)

\({\mathit{ln}Soy(NonGM)}_{t-1}^{-}\)

0.408**

(0.171)

0.128*

(0.071)

0.117

(0.154)

− 0.248

(0.200)

\(ln{Wheat}_{t-1}\)

− 0.295

(0.221)

− 0.017

(0.145)

0.025

(0.108)

0.132

(0.131)

\(ln{Barl}_{t-1}\)

0.355***

(0.115)

0.392***

(0.137)

0.052

(0.143)

0.106

(0.132)

\(ln{Maize}_{t-1}\)

–

–

0.354**

(0.186)

0.068

(0.116)

\({\mathit{ln}SoyGM}_{t-1}\)

–

0.276**

(0.135)

–

0.328**

(0.166)

\({SD}_{1}\)

− 0.041

(0.028)

− 0.037*

(0.019)

0.016

(0.038)

− 0.055

(0.035)

\({SD}_{2}\)

− 0.050*

(0.028)

− 0.026*

(0.015)

− 0.006

(0.036)

− 0.040*

(0.022)

\(DU\)

0.078

(0.059)

0.067

(0.044)

− 0.099*

(0.059)

− 0.061*

(0.036)

\(DB\)

− 0.001

(0.001)

− 0.001

(0.001)

0.002

(0.002)

− 0.000

(0.002)

Constant

0.970***

(0.219)

0.823***

(0.288)

0.635**

(0.313)

0.582*

(0.345)

R-square

0.68

0.73

0.5265

0.5931

Adj. R-square

0.61

0.66

0.4251

0.4544

DW stat

2.03

2.11

2.02

2.04

Bound test^#

6.44***

6.34***

3.29**

2.09***

Ramsey test

1.53

2.05

2.06

1.19

'Wald test (Short-run)

0.10

0.40

2.77*

4.95**

Wald test (Long-run)

0.09

0.10

0.40

1.58

CUSUM (CUSUMQ)

S (S)

S (S)

S (S)

S (S)