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Integration of Chinese agricultural commodity markets : a cointegration approach Zheng, Chen


The integration of spatially separated markets was accelerated by intense trade in the last few decades. China started to open its markets since 1978 and now it plays an important role in world trade. However, China’s impact is less pronounced on agricultural commodity markets, and its impact varies across different commodities. This study discusses the prices performance of corn, soybean, and wheat in China and the U.S. We examine the integration process of Chinese agricultural commodity markets after China’s entry to WTO (i.e. 2004-2012). This study applies the cointegration test with and without a structural change. We detect the cointegration relationship between soybean prices in China and the U.S., but we observe such relationship does not exist in corn and wheat markets within China and the U.S.

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