Abstract
Abstract This paper addresses the question of whether the export demand for soybeans and soybean products has structurally changed over the 1950 to 1992 period as the US agriculture sector has become more integrated with the rest of the world economy. The export demand equation specification considered is one that has been used extensively in the empirical literature. The results of a structural change test suggest that the export demand for soybeans, soybean meal, and soybean oil did not destabilize over the sample period. Moreover, based on the model specification and the data available for estimating the requisite parameters, it is possible to infer conclusively that the long‐run soybean and soybean product export price elasticities are in the elastic range. The implications are that, among other things, for each 1 % reduction in the price of soybeans, soybean meal, and/or soybean oil brought about through a government program (e.g., the Export Enhancement Program applicable to soybean oil), exports wi...
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