Correlation Clustering: Analysis of Major Agricultural Commodity Markets
The aim of this article is to compare the clusters formed by the correlation distances between the agricultural and the energy commodity price returns in different periods of time. The energy and agricultural markets have become more interlinked in the past ten years, which can be attributed partly...
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| Format: | Article |
| Language: | English |
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Faculty of Engineering, University of Debrecen
2018-07-01
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| Series: | International Journal of Engineering and Management Sciences |
| Online Access: | https://ojs.lib.unideb.hu/IJEMS/article/view/5053 |
| _version_ | 1797654386842796032 |
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| author | János Szenderák |
| author_facet | János Szenderák |
| author_sort | János Szenderák |
| collection | DOAJ |
| description |
The aim of this article is to compare the clusters formed by the correlation distances between the agricultural and the energy commodity price returns in different periods of time. The energy and agricultural markets have become more interlinked in the past ten years, which can be attributed partly to the increased usage of biofuels. According to the results of this research, after the global financial and economic crisis of 2008/09, the relationship has become tighter between the agricultural commodity prices and the price of the crude oil. Based on the hierarchical clustering, the relationship between crude oil and sugar, and especially between crude oil and vegetable oils has become stronger. These results support the hypothesis of a more interconnected agricultural and energy market after 2013. Furthermore, the emerged relationship of crude oil with the vegetable oils may indicate the connecting role of biofuels, since biofuels require agricultural input materials, partly vegetable oils. However, the role of biofuels in the present analysis requires further researches.
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| first_indexed | 2024-03-11T16:58:44Z |
| format | Article |
| id | doaj.art-daf292ee65ec4fce975d69e805bd3fee |
| institution | Directory Open Access Journal |
| issn | 2498-700X |
| language | English |
| last_indexed | 2024-03-11T16:58:44Z |
| publishDate | 2018-07-01 |
| publisher | Faculty of Engineering, University of Debrecen |
| record_format | Article |
| series | International Journal of Engineering and Management Sciences |
| spelling | doaj.art-daf292ee65ec4fce975d69e805bd3fee2023-10-20T12:58:13ZengFaculty of Engineering, University of DebrecenInternational Journal of Engineering and Management Sciences2498-700X2018-07-013310.21791/IJEMS.2018.3.24.Correlation Clustering: Analysis of Major Agricultural Commodity MarketsJános Szenderák0University of Debrecen, Faculty of Economics and Business, Department of Agricultural Economics The aim of this article is to compare the clusters formed by the correlation distances between the agricultural and the energy commodity price returns in different periods of time. The energy and agricultural markets have become more interlinked in the past ten years, which can be attributed partly to the increased usage of biofuels. According to the results of this research, after the global financial and economic crisis of 2008/09, the relationship has become tighter between the agricultural commodity prices and the price of the crude oil. Based on the hierarchical clustering, the relationship between crude oil and sugar, and especially between crude oil and vegetable oils has become stronger. These results support the hypothesis of a more interconnected agricultural and energy market after 2013. Furthermore, the emerged relationship of crude oil with the vegetable oils may indicate the connecting role of biofuels, since biofuels require agricultural input materials, partly vegetable oils. However, the role of biofuels in the present analysis requires further researches. https://ojs.lib.unideb.hu/IJEMS/article/view/5053 |
| spellingShingle | János Szenderák Correlation Clustering: Analysis of Major Agricultural Commodity Markets International Journal of Engineering and Management Sciences |
| title | Correlation Clustering: Analysis of Major Agricultural Commodity Markets |
| title_full | Correlation Clustering: Analysis of Major Agricultural Commodity Markets |
| title_fullStr | Correlation Clustering: Analysis of Major Agricultural Commodity Markets |
| title_full_unstemmed | Correlation Clustering: Analysis of Major Agricultural Commodity Markets |
| title_short | Correlation Clustering: Analysis of Major Agricultural Commodity Markets |
| title_sort | correlation clustering analysis of major agricultural commodity markets |
| url | https://ojs.lib.unideb.hu/IJEMS/article/view/5053 |
| work_keys_str_mv | AT janosszenderak correlationclusteringanalysisofmajoragriculturalcommoditymarkets |