THE NATURE AND EXTENT OF THE MARKET FOR SOYBEANS AND SOYBEAN PRODUCTS

This paper addresses the question of whether Soybeans, soybean meal, a nd soybean oil produced in the United States and exported were part of a single, world geographic market during the decade of the 1980s. An answer to this question is sought using an approach to defining a geog raphic market based on the notion of instantaneous causality. The empi rical results, based on prices for soybeans, soybean meal, and soybean oil for three spatially diffuse locations, suggest that there was but a single identifiable world market for these commodities over the per iod of study.