Major Commodities Research Articles

Physical and Sensory Properties of Bread and Roti Made from Rice-Wheat Composite Flour

Guyana is targeting a reduction in its food import bill by substituting wheat, a major food commodity imported, with locally grown crops. In this study, the physical and sensory characteristics of value-added products (bread and roti) made from various ratios of rice-wheat composite flour were examined to ascertain whether rice flour might be successfully used to partially replace wheat flour. Bread and roti were produced from rice-wheat composite flours at rice:wheat ratios of 0:100, 20:80, 40:60, 60:40, and 80:20. Physical evaluation showed significant differences in the width, height, weight, and volume of bread produced from the composite rice-wheat flour and the control (p≤0.05). Significant differences were also observed for the thickness and weight of the roti (p=0.005 and p= 0.024 respectively). There were no significant differences in the length among treatments for both bread and roti (p=0.74 and p=0.10, respectively). The length, height, weight and volume of bread and the length, thickness and weight of roti produced from 20% rice flour+80% wheat flour was statistically similar with the control (100% wheat) treatments (p>0.05). For the sensory evaluation, there were significant differences for all attributes evaluated including aroma, colour, texture, taste, and overall acceptance (p=0.001). Sensory attributes for bread treatments made from 20% rice flour+80% wheat flour and roti treatments made from 20% rice flour+80% wheat flour and 40%rice flour+60% wheat flour was similar to the control (p>0.05). The study revealed that substituting 20% of wheat flour with rice flour in products such as bread and roti is possible without compromising the quality and sensory characteristics of the products.

The effects of a shock to critical minerals prices on the world oil price and inflation

Critical minerals (CMs) such as lithium, cobalt, nickel, and rare earth metals, are essential to the development of clean energy technologies, electronics, and defense and space industries, among others. Demand for these minerals is expected to grow quickly as energy transitions accelerate. As the post-pandemic economic recovery demonstrated, disturbances in CM supplies can also create serious bottlenecks in global supply-chains. In this study, we develop a GVAR model that can examine the consequences of market disturbances from CM price shocks on major global and country-specific macroeconomic indicators. Counterfactual simulations of a CM price shock suggest that that CMs, as a rising industry, are starting to have an impact on the macro level. The industry and its impacts are not fully developed yet but appear to have diverse implications across countries similar in some respects to the current major commodity – oil. A CM price shock has statistically significant implications for inflation in the UK and South Korea. At the same time, geopolitical shocks to crude oil prices have significant implications for CM prices. The cross-price elasticity of oil with respect to CM prices is positive in the United States, where CM's and oil are substitutes, and negative for Saudi Arabia where CMs and oil are compliments. These scenarios indicate the unsuitability of a one size fits all energy policy and a need for closer examination of the national and country specific relationships between the oil and CM sectors.

Do geopolitical risks and global market factors influence the dynamic dependence among regional sustainable investments and major commodities?

This paper uses the Quantile Vector-Autoregressive (Q-VAR) technique to examine the connectedness between three regional (North America, Europe and Asia-Pacific) sustainability indices and major natural resource commodities including energy commodities (crude oil and natural gas), precious metals (gold, silver, and platinum), and industrial metals (steel, aluminium, and copper). It also uses a linear regression model to investigate the macroeconomic and geopolitical factors that drive the connectedness among these investments. The QVAR results reveal asymmetric connectedness among these investment indices, with the levels of total connectedness during extreme downside and upside market conditions being significantly stronger than the level of connectedness during normal market condition. The results also show that, on average, the amount of shocks the regional sustainable investment indices each received from the studied energy and metal commodity markets are higher (lower) than what they transmit to the commodity market during the extreme upside (downside) market condition. During the normal market condition, however, only the Asian Pacific sustainable investment receives more shock than it transmits to the studied commodity market indices, making a net shock receiver. Finally, geopolitical risks, business environment conditions, gold and fixed income markets and economic policy uncertainty are important predictors of return connectedness, although the predictive strength and direction vary across market conditions. We discuss the implications of our findings.

Genetic profiling of locally registered Philippine coffee using molecular markers linked to resistance against diseases and pests

Abstract. Santos NRS, Magat MB, Mondragon MV, Cao EP, Santos DMC. 2023. Genetic profiling of locally registered Philippine coffee using molecular markers linked to resistance against diseases and pests. Biodiversitas 24: 4136-4144. Coffee is a major commodity in the Philippines, but diseases and pests have hampered local production. Natural resistance could help increase production by eradicating infestation or lessening the symptoms of infection and minimizing the need for chemical control. Hence, this study aims to screen local Coffea arabica varieties, whose beans are prized for their superior taste and aroma, using genetic markers. These markers are linked to resistance against Coffee Leaf Rust (CLR, caused by Hemileia vastatrix), Coffee Berry Disease (CBD, caused by Colletotrichum kahawae), and Root Knot Nematode (RKN, Meloidogynespp.). The Arabica samples were obtained from the Bureau of Plant Industry in Baguio City, Benguet, a main distributor of coffee seedlings to farmers. C. canephora and C. liberica trees from Cavite State University, Indang, Cavite, were used as control samples. Results reveal that the registered NSIC-2008-Cf-A-05 (Red Bourbon) Arabica tree contains a unique haplotype in a region of chromosome 3. This region has been linked to the SH3 gene, which confers resistance against CLR, a promising result for infested areas. However, all Arabica samples are inferred to be susceptible to CBD and RKN. Hence, NSIC-2008-Cf-A-05 is a potential source for resistance genes specifically against CLR in future breeding programs.

On the linkages between energy and agricultural commodity prices: A dynamic time warping analysis

We use dynamic time warping, a non-parametric pattern recognition method, to study interlinkages between major energy and agricultural commodity prices. Cluster analysis is conducted to group commodity prices based on their behavioral likeness by maximizing the differences between groups while minimizing the differences within groups. Two clusters emerge: one comprises the prices of crude oil and six major agricultural commodities, whereas the other contains coal and natural gas prices. Regarding lead-lag associations, oil prices generally lag crop prices; however, there are periods during which the former lead the latter. Furthermore, the duration with which oil prices lead or lag crop prices changes frequently.

The impact of geopolitical risks on connectedness among natural resource commodities: A quantile vector autoregressive approach

This study examines the impact of global geopolitical risk on connectedness among major natural resource commodities. We implemented a Quantile Vector Autoregressive connectedness estimation approach from 5 January 2010 to 3 March 2023, including many geopolitical turbulences, such as the Russian-Ukrainian war. We found high connectedness under both extraordinarily high and low return conditions. The extreme return shocks in metals tended to spillover to energy commodities. The spillover index peaked during important economic, political, and financial developments. In addition, geopolitical risk drives connectedness among natural resources commodities under average market conditions. Our results may help investors with portfolio optimization and risk management practices and guide policymakers toward attaining financial market stability.

Socioeconomic Development of the Local Community and Causes of Land Use Change in Belaga, Sarawak, Malaysia

The state of Sarawak in Malaysia has witnessed a surge in demand for its valuable land resources, primarily driven by major commodity investors establishing plantations. These land concessions have further exacerbated land scarcity and the depletion of crucial forest areas, which are essential for the livelihoods of indigenous communities. The indigenous community in Sarawak, heavily dependent on forests, faces significant challenges due to land use changes. This study aims to identify the drivers of land use change and assess the socioeconomic impact on the local community in Murum, Belaga, Sarawak. The research was conducted in December 2020, utilizing a combination of quantitative and qualitative approaches. Questionnaires, in-depth interviews, and site observations were employed to collect data, involving 511 household heads and ten key informants. Statistical analysis using SPSS software was performed on the collected data. The findings highlight that the primary cause of land use change in the study area was the hydroelectric dam project, followed by the establishment of oil palm plantations, logging activities, forest plantation development, government policies, and agricultural activities. Regarding infrastructure satisfaction levels, respondents ranked sport/recreational facilities as the most important, followed by electricity supply, house/accommodation facilities, education facilities, clean water sources, communication accessibility, health facilities, and road accessibility. Overall, the data indicates an improvement in the economic and social conditions of families due to land use changes in the area. However, the study concludes that there is still a need for further improvements in essential services, including providing multiple clean water sources to each household, enhancing access to healthcare services, and improving road conditions. Improved road access will foster increased business and social activity, facilitating job opportunities and contributing to poverty alleviation within the local community.

Underutilised food crops for improving food security and nutrition health in Nigeria and Uganda—a review

Food and nutrition insecurity are pressing global issues, pertinent to the United Nations’ Sustainable Development Goal 2 (zero hunger). About 1 in 10 people globally are food insecure, with both the COVID-19 pandemic and the Ukraine-Russia crisis exacerbating the problem, partly due to unprecedented shortages in major food commodities, such as wheat, rice, and sunflower oil. Food and nutrition security have been negatively impacted in sub-Saharan African countries like Nigeria and Uganda where, prior to both crises, 25% of the population were already food insecure and children under five and women of reproductive age faced severe undernutrition, micronutrient deficiencies, and their associated health challenges. The recent crises have highlighted the need for a paradigm shift from relying on a few crops to a diversified, sustainable food system that harnesses the potential of neglected and underutilized species (NUS) for food and nutrition insecurity solution, especially in low and middle-income countries. Despite their abundance (>100 edible species) and high nutritional value, various political, socio-cultural, and infrastructural factors have deterred commercialization and utilization of NUS in sub-Saharan Africa. Moreover, there are limited sophisticated studies on many of NUS local to the region. This review aimed to discuss selected NUS, peculiar to Nigeria, namely, African walnut (Tetracarpidium conophorium), African breadfruit (Treculia africana), and Uganda, namely, sesame (Sesamus indicum L.) and pigeon pea (Cajanus cajan L.), and their potential to sustainably contribute towards improved food and nutrition security. The crops are briefly described, and their indigenous uses, nutritional value and medicinal properties highlighted. Issues relating to their production, processing, consumption, and exportation are reviewed considering their contribution towards sustainable food systems.

Optimization of Shipping Routes for Container Ships from Indonesia to the Asia-Pacific Using Heuristic Algorithms

Sea transportation such as that by container ships has an essential role in the economy both locally and internationally. Ships are a major commodity in distributing goods over long distances due to their relatively low price compared to air shipping. The study implemented an optimization method using heuristic algorithms with ship route selection to minimize operational costs based on the parameters of mileage between 12 ports in the Asia-Pacific region. The ship speed, engine power, and fuel prices at each port are processed using asymmetric traveling salesman problem modeling (ATSP). The research uses three different algorithms to compare with the performance of the traveling salesman problem, namely the nearest neighbor algorithm, simulated annealing, and a genetic algorithm, with an objective function of keeping fuel costs that ships will incur to a minimum. The results show that the genetic algorithm provides the route with the lowest fuel cost.

Consumers’ Protection Under Murabahah Sale Contract

Murabahah is one of the contracts of sale of goods by a person to another under an agreement whereby the seller obliges himself to disclose to the buyer the cost of goods sold to the buyer, whether that is on a cash basis or deferred payment. The seller has to disclose to the buyer the margin of profit included in the sale price of goods agreed to be sold. It is a cost-plus markup sale, which is the ideal sale contract under Islamic Law. The basic theme of this research paper is to highlight the significance of the contract of Murabahah as a simple contract for the protection of consumers and not as a model of financing, which is prevalent in today’s Islamic banks. It aims to highlight its role in different types of sale contracts and its application to the sale of some major commodities. Both aspects of Murabahah, i.e., Murabahah as a simple sale contract for the protection of consumers and Murabahah financing, are discussed. The paper aims to explain how a simple Murabahah Contract protects the interest of consumers better than any other sale contract.

SOSIALISASI PENANGANAN ORGANISME PENGGANGGU TANAMAN YANG RAMAH LINGKUNGAN PADA MALAM HARI

Actual Work Courses are college activities performed to apply the college students receiving on the lecture tables in a form of community service. This Individual Thenatic Program was conducted on June 2nd 2023, in Mamala, Side-disctrict Leihitu, The Disctrict of Maluku Tengah. The Program aims to addres the problems people face about production of Cloves and Nutmeg plants that are major commodities in Mamala. The Program is about socializing on Handling Disturbed Organisms (PEST) with ecological management (eco-friendly) especially at night that aims to reduce the bad use of chemical pesticides to the environment

Observation of Rearing System of Small Ruminants in Jumla District

Small ruminant production is one of the main sources of meat in Jumla district and contributes in the food security of the nation. A study was carried out at Guthichaur and surrounding areas of Jumla district to observe the rearing system and management practices of small ruminant. Twenty farmers from Guthichaur, Jumla with a flock size of 100 to 350 animals were interviewed about the rearing system, management practices, and health problems. Sheep was a major livestock commodity and most of the farmers raised sheep and goat together in transhumance system (migratory sheep flock). Baruwal, Bhyanglung and their crosses in case of sheep while Sinhal in case of goat were found to be common in the study areas. From the beginning of summer season (Falgun-Jestha), the animals were grazed in the nearby field during the day and kept in shed at night. In winter, where it snows, they were kept in shed and fed hay and stored corn due to limited grazing area. At night, some farmers kept their sheep, goats in shed while some farmers kept their sheep outside in field. From third week of Jestha to fourth week of Bhadra, farmers moved their flock to high hills called Patan to graze on locally available herbs. Farmers performed open castration on their animals by themselves and besides deworming the debilitated animals, they generally didn’t deworm or vaccinate their animals. Some of the major health problems observed in the animals were plant poisoning, parasitic infestations, scabies and lice infestation, pneumonia, abortion, uterine prolapse, vaginal prolapsed, and inbreeding. Farmers kept the same male for seed material for many years and were found to be unfazed by the consequence of inbreeding.

The Vulnerability of Cuban Banana Production to Fusarium Wilt Caused by Tropical Race 4.

Bananas are major agricultural commodities in Cuba. One of the main constraints of banana production worldwide is Fusarium wilt of banana. Recent outbreaks in Colombia, Perú, and Venezuela have raised widespread concern in Latin America due to the potential devastating impact on the sustainability of banana production, food security, and livelihoods of millions of people in the region. Here, we phenotyped 18 important Cuban banana and plantain varieties with two Fusarium strains-Tropical Race 4 (TR4) and Race 1-under greenhouse conditions. These varieties represent 72.8% of the national banana acreage in Cuba and are also widely distributed in Latin America and the Caribbean region. A broad range of disease responses from resistant to very susceptible was observed against Race 1. On the contrary, not a single banana variety was resistant to TR4. These results underscore that TR4 potentially threatens nearly 56% of the contemporary Cuban banana production area, which is planted with susceptible and very susceptible varieties, and call for a preemptive evaluation of new varieties obtained in the national breeding program and the strengthening of quarantine measures to prevent the introduction of TR4 into the country.

The impact of oil price shocks on the agricultural commodity prices

AbstractIn this study, we empirically examine the effects of oil‐related shocks on the prices of nine agricultural commodities for the period 1974:01–2022:02. We decompose real oil prices into three independent parts: oil supply shocks; global demand shocks; demand shocks that are specific to the crude oil market applying a symmetric VAR model. Then, we assess the effects of these three shocks on the prices of nine major agricultural commodities individually. Based on our findings, we reveal that the responses of agricultural commodity prices to an oil price change depend significantly on the timing and the driver of the underlying oil price change.

Collateral damage? Welfare effects of the Ukraine war on Pakistan

The 2022 Ukraine conflict has contributed to a major spike in international commodity prices. In this study, we conduct a top-down, macro-micro simulation analysis by combining Computable General Equilibrium simulations with data from the 2018–19 Pakistan Household Integrated Economic Survey to analyze the impact of global price shock to four major commodities, namely wheat, vegetable oil, petroleum, and fertilizers. We come up with evidence for a significant, non-negligible negative impact of the price shock, both at the aggregate and the household level: Real GDP shrinks and real household consumption and income decrease. The drop in consumption and income is more visible among farm households, with the two falling by 5% and 3.48% respectively. The consumption and income of the above-median income households fall more steeply, and income inequality decreases. The USD3.2 headcount poverty rate at the 2018 purchasing power parity increases by 1.15%. Urban households show the worst decline in food security, both in incidence and intensity. The role of petrol prices in driving poverty among rural farm households and that of food stuff (wheat and vegetable oil prices) in aggravating urban food security is particularly evident. These findings highlight the poverty and food security-worsening dimension of the Russo-Ukrainian conflict.

The Traces of Spice Trade in Malay Text Records in the Riau Archipelago

The 18th until 19th century was a golden period/era of Riau Islands as a hub of spices trade in western Nusantara (Indonesia). In geographical aspect, Riau Islands border Malaka Strait to the west and the South China Sea to the north, so that this region was known as the gate of the world spices trade to Nusantara. The major commodities from Riau Islands is gambier which flourish in Tanjungpinang and catch the world’s attention. Foreigners who came and did trade in this region were welcomed by Malay society. A warm and dynamic interaction by Malay people with foreigners like Chinese, Arabs, and Indians generated certain cultural acculturation. That was proof that foreign culture was adapted to the prevailing culture of Malay society in the Riau Islands. This research aims to probe the trace of the spices trade in Riau Island which is written in Malay text in the form of hikayat, syair, and text about medicine and traditional medication. Several things discussed in this research are 1) the forms of cultural acculturation, 2) the uses of spices commodities, and (3) the roles of the spices trade center in the Riau Islands. The finding shows that the cultural interaction of Malay society in the Riau Islands is related to the history and the regional role as the gate and the hub of the world spices trade.

Isolation and Identifi cation of Postharvest Fungal Pathogens of Some Selected Fruits in Yunnan, China

Fruits are one of the major economic commodities worldwide and postharvest rot diseases is one of the major problems that led to decreasing fruit production. Fungal contaminants reduce the quality of fresh fruits after harvest and it is one of the leading causes of economic loss in global fresh fruits. The purpose of this research was to isolate and identify pathogens causing postharvest rots on common fruits available in markets in Panlong District, Kunming, Yunnan Province, China. The fruits viz. apple (Malus domestica), dragon fruit (Hylocereus undatus), peach (Amygdalus persica) and pear (Pyrus sorotina) were selected to examine post-harvest rots since they are commonly available fruits in Yunnan markets. We isolated six fungal strains from the above-mentioned fruits. The pathogenicity tests and phylogenetic analyses were carried out for the fungi isolated from fruits. Our results showed that Fusarium spp. are common on apple, peach and dragon fruit. In the pathogenicity test, Monilinia yunnanensis inoculated on the pear had the strongest effect on the pear, and the disease spot expanded over half of the total area of the fruit. Our results are expected to provide a reference and basis for preventing postharvest diseases of common fruits in Yunnan.

Volatility connectedness among the Indian equity and major commodity markets under the COVID-19 scenario

In this paper, the dynamic relationship between the volatilities of both the Indian equity market and six major commodity markets is analyzed during the COVID-19 pandemic. We employ the time-varying parameters vector autoregression model and wavelet coherence approach to assessing market connectedness. The results reveal a significant increase in volatility correlation and spillovers between the Indian equity market and the six major commodity markets after the outbreak of COVID-19. Furthermore, it was found that after the COVID-19 outbreak, the volatility from the commodity markets rapidly spilled over to the Indian equity market. Similar evidence is also suggested by the wavelet coherence and confirms that the high level of contagion mainly occurs in the medium and long term. We further incorporate our evidence with hedging ratio and minimum portfolio connectedness weight. The results uncover that copper and crude oil are useful assets for Indian equity investors to conduct hedging and construct the portfolio.

Volatility contagion and connectedness between WTI and commodity markets

This article analyzes the contagion risk between WTI crude oil prices and several major commodities markets. We study the dynamics of commodity connectedness, and we measure volatility contagion under various market conditions and commodity price cycles between 1982 and 2020. Our results show that the intensity, speed, and duration of contagion vary across periods according to macroeconomic factors. Our findings have implications for optimal portfolio strategies and market regulation to insure against potential losses inherent to volatility contagion across international markets. Our findings are relevant for industrial producers, farmers, investors, market regulators, and financial supervisors.

An Empirical Study on the Factors Influencing China's Gold Price

Since the collapse of the Bretton Woods system in 1973, the international gold price has no longer been directly linked to the US dollar, and the main factors affecting international gold have increased and become more volatile. Based on this background, gold, as a major commodity, possesses both asset and financial functional attributes. With the continuous opening of China's financial market and the introduction of a series of financial policies, the fluctuation factors affecting gold prices have become one of the topics that have been attracting attention from various parties in the industry. This paper uses Eviews software to analyze a series of variables that directly affect the gold price, and discusses how to confirm which variables are the main factors that ultimately predict the gold market price.