Price Leadership in Global Wheat Markets: Evidence from Dynamic Market Interactions

To investigate price linkages and identify the price leader among the selected wheat-exporting countries, this study utilized data from the Food and Agriculture Organization of the United Nations (FAO) food price monitoring and analysis online portal (FAO-FPMA, 2025). While price data for Argentina, Australia, Canada, and the U.S. were available from January 2000, price information for the other sampled countries was only accessible from 2007. To ensure consistency across countries, this study used data starting from January 2008 to January 2025 . Missing price data for Argentina, Australia, Canada, Russia, and Ukraine were filled in using linear interpolation. In addition, this dataset also includes monthly real prices of crude oil and urea fertilizer.