Table 7 Estimated long-run coefficients for price transmission of soymeal to pig feed

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

0.251**

(0.098)

0.214*

(0.124)

0.072

(0.062)

0.125

(0.083)

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

0.542***

(0.174)

0.560*

(0.331)

0.315***

(0.089)

0.378***

(0.111)

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

− 0.278

(0.211)

− 0.227

(0.203)

0.259***

(0.091)

0.237***

(0.084)

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

0.161***

(0.086)

0.267**

(0.105)

0.200**

(0.099)

0.247***

(0.083)

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

–

–

0.224***

(0.081)

0.181***

(0.062)

\({SD}_{1}\)

− 0.068*

(0.038)

− 0.065*

(0.037)

− 0.046*

(0.025)

− 0.021

(0.020)

\({SD}_{2}\)

− 0.024

(0.036)

− 0.028

(0.035)

0.088***

(0.032)

0.078***

(0.021)

\(DU\)

0.168**

(0.075)

0.191**

(0.086)

0.055

(0.036)

0.042

(0.032)

\(DB\)

0.004**

(0.002)

0.004**

(0.002)

0.005***

(0.001)

0.005***

(0.001)

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

–

0.071*

(0.039)

–

0.014

(0.083)

Constant

0.973***

(0.185)

0.916***

(0.241)

0.818***

(0.162)

0.994***

(0.195)

R-square

0.52

0.52

0.686

0.6844

Adj. R-square

0.46

0.45

0.639

0.6384

DW stat

1.96

1.99

2.04

2.02

Bound test^#

6.63***

5.91***

8.92***

12.42***

Ramsey test

0.38

0.31

2.20

1.94

Wald test (short-run)

0.90

0.70

10.11***

12.02***

Wald test (long-run)

6.41**

7.16***

10.76***

13.46***

CUSUM (CUSUMQ)

S (S)

S (N)

S (N)

S (N)