Document Type


Publication Date



Davis College of Agriculture, Natural Resources and Design


Division of Resource Economics & Management


We find distiller's dried grains with solubles (DDGS) prices to be positively correlated with both corn and soybean meal prices in the long run. However, neither corn nor soybean meal prices respond to deviations from this long-run relationship. We also identify strong time-varying dynamic conditional correlations between the markets, with the correlation between DDGS and corn strengthened after the expansion of ethanol production. There also appear to exist significant volatility spillovers from both the corn and soybean meal markets to the DDGS market, with the impact from corn shocks much larger compared to soybean meal shocks.

Source Citation

Etienne, X. L., Trujillo-Barrera, A., & Hoffman, L. A. (2017). Volatility Spillover and Time-Varying Conditional Correlation Between DDGS, Corn, and Soybean Meal Markets. Agricultural and Resource Economics Review, 46(3), 529–554.


COPYRIGHT: © The Author(s) 2017 This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (, which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.



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