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To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1744-7976.2007.00094.x Byline: William W. Wilson (1), Bruce L. Dahl (1), D. Demcey Johnson (2) Abstract: Issues related to quality uncertainty in wheat producing countries have escalated in importance in recent years. While Canada addresses these issues in part through variety regulations, firms in the United States resolve these through varying commercial strategies. Conventional alternatives for procurement range from spot purchases with specifications for easily measurable characteristics, to varying forms of strategies with precommitment. In grains, these are complicated by intrinsic uncertainty associated with functional qualities that are not easily measurable and that procurement costs vary spatially. Thus, shifting origins may involve higher cost due to having to bid grain away from its best market. We posed alternative procurement strategies and developed analytical models to evaluate the costs and risks of these in the case of hard red spring (HRS) wheat. Climatic conditions are a source of uncertainty in functional performance which reduces incentives for contracting and vertical integration, and poses a challenge to any form of integrated supply chain management. Les problemes lies a l'incertitude quant a la qualite des approvisionnements des pays producteurs de ble ont augmente au cours des dernieres annees. Tandis que le Canada s'attaque a ces problemes en imposant divers reglements, des entreprises etats-uniennes les resolvent en adoptant diverses strategies commerciales. Les moyens d'approvisionnement traditionnels varient des achats au comptant assortis de criteres pour les caracteristiques facilement mesurables, a diverses strategies comprenant un pre-engagement. Dans le secteur des cereales, la situation est compliquee par l'incertitude intrinseque quant aux qualites fonctionnelles qui ne sont pas facilement mesurables et le fait que les couts d'approvisionnements varient d'un endroit a l'autre. Par consequent, s'approvisionner dans d'autres pays pourrait entrainer des couts plus eleves en privant le secteur de son meilleur marche. Nous avons formule d'autres strategies d'approvisionnement et elabore des modeles analytiques pour evaluer les couts et les risques de ces strategies dans le cas du ble de force roux de printemps. Les conditions climatiques sont une source d'incertitude de la qualite fonctionnelle qui diminue les incitatifs pour la conclusion de contrat et l'integration verticale et qui pose un obstacle pour toute forme de gestion integree de la chaine d'approvisionnement. Author Affiliation: (1)Department of Agribusiness & Applied Economics, North Dakota State University, 221 F Morrill Hall, Fargo, ND 58105 (phone: 701-231-7441; fax: 701-231-7400; e-mail:William.Wilson@ndsu.edu,bdahl@ndsuext.nodak.edu). (2)Branch Chief, Field Crops, Market and Trade Economics Division, Economic Research Service, USDA, Room S5213, 1800 M Street NW, Washington, DC 20036-5831 (phone: 202-694-5310; fax: 202-694-5823; e-mail:djohnson@ers.usda.gov).

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1744-7976.2006.00054.x Byline: William W. Wilson (1), Bruce Dahl (2) Abstract: An analytical model was developed to explore prospective costs and risks of alternative testing strategies for a marketing system in Canada which markets both genetically modified (GM) and Non-GM wheats. The problem is solved using stochastic optimization, base case results are defined, and sensitivities conducted to evaluate impacts of selected variables. Added costs include: testing, rejection, and a risk premium which is required for handlers to be indifferent between the current and the proposed dual system. Protocols would require testing at the point of loading at the primary elevator, and export elevator, and supplementing this information with some form of grower variety declaration. There are several sources of inherent risks in such a system. For buyers, the cumulative impact of these is the risk of receiving GM content in a Non-GM shipment. For sellers, it is the risk of having a Non-GM shipment rejected. For sellers, the risk of rejection was typically less than 2%, and for buyers, the risk was typically less than 0.02%. Nous avons elabore un modele analytique pour explorer les couts et les risques potentiels de la mise en place de nouvelles strategies pour analyser le grain si le Canada decidait de commercialiser du ble genetiquement modifie (GM) et du ble non genetiquement modifie (NGM). Le probleme est resolu a l'aide d'une optimisation stochastique; des scenarios de reference sont definis et des tests de sensitivite sont effectues pour evaluer l'impact de variables selectionnees. Les couts supplementaires comprennent les couts d'analyses, les couts lies au rejet ainsi qu'une prime de risque exigee pour que les manutentionnaires demeurent indifferents entre le systeme actuel et le systeme double propose. Les protocoles obligeraient la tenue d'analyses au point de chargement du silo primaire ainsi qu'au silo terminal, auxquelles s'ajouterait une certaine forme de declaration du cerealiculteur sur la variete. Ce genre de systeme comporte plusieurs sources de risques inherents. Pour les acheteurs, l'impact cumulatif est le risque de recevoir un chargement de ble NGM contenant du ble GM. Pour les vendeurs, c'est le risque qu'un chargement de ble NGM soit rejete. Pour les vendeurs, le risque de rejet etait generalement inferieur a 2%, et pour les acheteurs, le risque etait generalement inferieur a 0.02%. Author Affiliation: (1)Professor and Research Scientist, Department of Agribusiness & Applied Economics, North Dakota State University, Fargo, ND (e-mail:bwilson@ndsuext.nodak.edu). (2)Research Scientist, Department of Agribusiness & Applied Economics, North Dakota State University, Fargo, ND

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1744-7976.2006.00051.x Byline: William W. Wilson (1), William E. Nganje (2), Robert Wagner (3) Abstract: Price risk management confronting grain processors differs from that faced by conventional hedgers, especially when futures markets for outputs do not exist. Three components of this problem are addressed in this study. One is the relationship between input and output prices, which are impacted in part by the structure and conduct of an industry. In some cases, these are highly correlated and in others they are not. The second refers to the hedge horizon or how far forward a firm should cover its inherent and persistent short cash positions. This study incorporates these relationships into a utility maximizing model to evaluate hedging effectiveness relative to traditional hedging strategies for processors. Finally, stochastic dominance analysis is used to compare hedging strategies when output is sold at a fixed price for future delivery. Secondary data from the bread-baking industry are used for empirical analysis. Results indicate that hedging decisions are impacted by these relationships and affect firm risk exposure. La gestion du risque de prix des conditionneurs de grain differe de celle des operateurs en couverture traditionnels, surtout lorsqu'il n'existe pas de marches de contrats a terme pour les extrants. La presente etude traite de trois aspects du probleme. Tout d'abord, il y a la relation entre le prix de l'intrant et le prix de l'extrant, prix qu'influencent en partie la structure et le comportement d'une industrie. Dans certains cas, la correlation est tres etroite et dans d'autres, elle ne l'est pas. Ensuite, il y a l'horizon de couverture ou jusqu'ou dans le futur une entreprise devrait-elle couvrir ses faibles positions de tresorerie inherentes et soutenues. Dans la presente etude, nous avons integre ces relations dans un modele de maximisation de l'utilite pour evaluer l'efficacite des operations de couverture par rapport aux strategies de couverture traditionnelles des conditionneurs. Finalement, l'analyse de la dominance stochastique est utilisee pour comparer les strategies de couverture lorsque l'extrant est vendu a un prix fixe pour livraison a terme. Des donnees secondaires issues de l'industrie de la boulangerie ont ete utilisees pour l'analyse empirique. Les resultats ont indique que ces liens influaient sur les decisions de couverture et que ces decisions avaient des repercussions sur l'exposition au risque de l'entreprise. Author Affiliation: (1)Professor, Department of Agribusiness and Applied Economics, North Dakota State University, PO Box 5636 Fargo, ND 58105-5636 (phone: 701-231-7472; fax: 701-231-7400; e-mail:bwilson@ndsuext.nodak.edu). (2)Associate Professor, Department of Agribusiness and Applied Economics, North Dakota State University, PO Box 5636, Fargo, ND 58105-5636 (phone: 701-231-7459; fax: 701-231-7400; e-mail:wnganje@ndsuext.nodak.edu). (3)Manager of Strategic and Financial Planning, ConAgra Foods, Inc. One ConAgra Drive, CC-334 Omaha, NE 68102 (phone: 402-595-4425; fax: 402-977-9526; e-mail:robert.wagner@conagrafoods.com).

Asymmetric information is prevalent in the grain and oilseed markets. This paper demonstrates the benefits of blockchain technology to mitigate asymmetric information about the soybean's protein quality between sellers and buyers. We use decision trees to model information asymmetry under both conventional and blockchain scenarios. The results suggest that asymmetric information can be mitigated with a blockchain, resulting in substantial premiums (40–60 cents per bushel of soybeans). These results could have significant implications for the grain and oilseed industry in order to decrease transaction costs, to improve market efficiency, and to prioritize strategies for the procurement of soybeans. JEL CLASSIFICATION: O33 Q13; Q17 [ABSTRACT FROM AUTHOR]

Results clarify the discrepancies between the theoretical and observed structural aspects of the binary halogen fluoride molecules in terms of the halogen central atoms. Data indicate that the fluorine bridges are equatorial in BrF(sub)4(sup)+, whereas in IF(sub)4(sup)+ it depends on the counterion.

Research has been conducted on the SO (sub)3 N (sub)3 (super)- anion. The preparation of this anion via different routes including direct reaction between SO (sub)3 and NaN (sub)3 has been carried out and the results indicate that the anion can be characterized only by infrared spectroscopy and elemental analysis.

The possible existence of FN5 is studied by ab initio electronic structure theory. The primary reaction product FN5 is not observed, but its decomposition products FN3, F2N2 and NF3 are identified.

The synthesis, characterization and crystal structure of fluorantimonate salts of N5+ cations is described in terms of polynitrogen chemistry.

Research was conducted to examine the structure of the IOF(sub 5)(super 2-) dianion. It was prepared in the form of its cesium salt by means of heating stoichiometric amounts of CsF, I2O5 and IF5 to 162 degrees C for 14 days. Characterization was carried out using vibrational spectroscopyp. The resulting structure was comparable to the one established for the isoelectronic XeOF(sub 5-) by combined X-ray diffraction and ab initio vibrational spectroscopy study.

The successful synthesis of a second example of a pentagonal planar AX5 species from N(CH3)4IF4 and N(CH3)4F demonstrates that the first known example of a pentagonal planar, XeF5-, is not at all unique. The new IF5(super2-) dianion in Cs3IF6 produced the most intense bands in a Raman spectrum. Additionally, the vibrational spectra of IF5super2- was found to be similar to that of XeF5-.

The POF4- anion was identified. It was formed from N(CH3)4F and POF3 in CHF3 solution. Its geometry and spectroscopic properties were found similar with the isoelectronic SOF4 molecule. The anion was observed to be highly unstable and dismutates at -140 to -130 degrees to PO2F2- and PF6-. Theoretical calculations were made for better understanding of the fluxionality and dismutation of POF4-.

Anhydrous 1-methylhexamethylenetetramine fluoride was produced by either halogen exchange between the corresponding iodide and AgF or by a single-step, one-pot, self-assembling synthesis from aqueous CH3NH2, HF, formaldehyde and NH3. It was characterized by NMR and vibrational spectroscopy. Its hydrate underwent a Sommelet-type ring opening and coupling reaction at 70 degrees C to produce a possible cryptand system composed of two bicyclic triazine groups that are linked through a methylene bridge and have eight ternary nitrogen atoms.

The dinitramide anion N(NO2)2- is characterized by solid and solution state vibrational spectroscopic study of NH4N(NO2)2, KN(NO2)2 and CsN(NO2)2. Spectra correlation is also carried out with the spectra data obtained at HF/6-31G* and MP2/6-31+G* levels of theory. Variations in the spectra are observed in the salts studied as well as in the varied physical states because of ready deviation of the N(NO2)2- anion from the standard C2 symmetry. Results reveal that the anion has no symmetry even in solution.

Multinuclear nuclear magnetic resonance and vibrational spectroscopic studies help analyze the products obtained from hydrolysis and methanolysis of N(CH3)4PF4. N(CH3)4PF4 reacts with an equimolar amount of water in CH3, producing HPO2F- and HPF(sub 5)(super -). While reaction with excess of water generates HPO2F- as the only product, hydrolysis in the presence of excess of F- produces N(CH3)4POF2. Methanolysis of N(CH3)4PF forms PF2(OCH3) and PF(OCH3)2 as the major products. Ab initio methods help calculate the geometrics and vibrational spectra of POF(sub 2)(super -) and HPO2F.

Ab initio molecular orbital and local density functional calculations help assign infrared and Raman spectra of the N(CH3)4HPF5 salt and CsHPF5. A comparative study of internal stretching force constants of HPF(sub 5)(super minus), and those of phosphorus and sulfur fluorides and hydrides reveals the presence of a cis-effect in the hydrogen-substituted main group hexafluoride. A hypervalent bonding scheme accounts for substitution effects.

A white, crystalline solid PF(super -)(sub 4) salt, which was prepared from N(CH3)4F and PF3, exhibited thermal stability upto 150 degrees centigrade, after which it decomposed to CH3F, PF3 and N(CH3). The pseudo-trigonal bipyramidal structure of this PF(super -)(sub 4) anion consisted of two short equatorial bonds and a free valence electron pair that was sterically active.

Heptacoordination studies used vibrational, and F and Te NMR spectroscopy to experimentally examine the TeF(sub 7)(super -) anion. A pentagonal bipyramidal equilibrium geometry is evident for TeF(sub 7)(super -), 1F7 and XeF(sub 7)(super +). A transition state for intramolecular axial-equatorial ligand exchange is true only for the monocapped trigonal prism. XeF(sub 7)(super +) is a stable structure.