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K. Collins, “The Role of Biofuels and Other Factors in Increasing Farm and Food Prices: A Review of Recent Development with a Focus on Feed Grain Markets and Market Prospects,” Supporting Material for a Review Conducted by Kraft Foods Global, Inc., 2008.

has been cited by the following article:

• TITLE: Volatility Spillover from Oil to Food and Agricultural Raw Material Markets

  AUTHORS: Muge Kaltalioglu, Ugur Soytas

  KEYWORDS: Oil Prices, Food Prices, Agricultural Raw Material Prices, Volatility Spillover

  JOURNAL NAME: Modern Economy, Vol.2 No.2, May 17, 2011

  ABSTRACT: The upward movement in oil and food prices in the 2000s has attracted interest in the information transmission mechanism between the two markets. This paper investigates the volatility spillover between oil, food consumption item, and agricultural raw material price indexes for the period January 1980 to April 2008. The results of the Cheung-Ng procedure show that variation in oil prices does not Granger cause the variance in food and agricultural raw material prices. Since there is no volatility spillover from oil markets to food and agricultural raw material markets, investors can benefit from risk diversification. However, there is bi-directional spillover between agricultural raw material and food markets.