U.S. wheat producers have more proof that their promotional dollars are hard at work on their behalf. A study recently released by U.S. Wheat Associates showed a return of $23 for every $1 invested in overseas promotions of U.S. wheat from 2000 to 2007.
The results of the economic analysis of wheat export promotion were announced at the joint board meeting of U.S. Wheat and National Association of Wheat Growers in Washington, D.C., Jan. 24. The study was commissioned by U.S. Wheat and funded by the U.S. Department of Agriculture Foreign Agricultural Service Market Access Program. Harry M. Kaiser, the Gellert Family professor of applied economics and management at Cornell and director of the Cornell Commodity Promotion Research Program, designed and conducted the research.
"The study showed U.S. wheat export promotion had a large and beneficial impact for producers and the economy that far exceeded its cost," Kaiser said. "One of the econometric models we used showed that the overall average revenue benefit to the entire wheat industry from the combined producer and FAS expenditures was estimated to be about $115 for each dollar spent." The study also predicted that increasing the promotion investment has the potential for even greater returns to wheat producers, the wheat supply chain, and the U.S. economy. [Read More]
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