Stephanie A. Mercier

TL;DR: In this article, the authors used shiplot data on the transactions price for hard red winter wheat, hard red spring wheat and soft white wheat and associated quality characteristics covering the period January 1990 to October 1991 and exported to 63 countires.

TL;DR: In the twenty-first century, the information component of demand for grain will continue to expand, thereby threatening to overwhelm the current infrastructure as mentioned in this paper, which has been shown to be the case in the history of world grain trade.

TL;DR: The agricultural reform efforts in the Uruguay Round focused on reducing these types of policies as discussed by the authors and the current negotiations to reform agricultural trade rules under the WTO have been focused on three main areas: (a) improving export competition by ending subsidization of exports, (b) improving market access by reducing tariff rates and eliminating non-tariff barriers, and (c) reducing use of the most trade-distorting forms of domestic support.

TL;DR: The fundamental political rationale of U.S. farm policy, to support and stabilize the incomes of family farmers, has been embodied in farm bills since the early 1930s as mentioned in this paper.