Assimetria na transmissão de preço de grãos em novas regiões de fronteira agrícola

Commodity price formation for corn and soybeans usually takes place in international markets and is then transmitted to Brazil. In Brazil, price transmission to producing regions in the Center-South of Brazil is well documented in the literature, whereas price transmission to the new agricultural frontiers in the North and Northeast of Brazil receive much less attention. In this paper we investigate soybeans and corn price transmission between the Center-South region, represented by the Esalq/BM&F Indicator, and the states of Maranhão, Tocantins, Piauí and Bahia, and also between these states themselves. In addition, we sought to identify the occurrence of positive and negative, short- and long-term asymmetries. For this purpose, we used the error correction model (VECM) and the nonlinear autoregressive model with distributed lags (NARDL). Our results show that asymmetries in corn price transmission are concentrated in the long run, with a predominance of negative asymmetry when it happens from the Center-South to the Northern states. In the case of soybeans, there was also a predominance of negative asymmetry, but they are concentrated in the short run.