ARE138-Schedule.2018.pdf - INTERNATIONAL COMMODITY AND...

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INTERNATIONAL COMMODITY AND RESOURCE MARKETS ARE 138, Winter 2018 Jeffrey Williams 2144 SS&H Building [email protected] Office Hours: Mondays 1:00-3:00 This course concerns actual commodities and the actual institutions through which they are traded internationally. “International” is taken primarily to mean those commodities traded among many countries — oil and coffee top this list by value — but also includes commodities the US mainly imports or exports, such as sugar, and commodities whose high transport costs constrain them to a single region, such as natural gas. The markets considered are at what would be called the wholesale level. For example, rather than considering why individual consumers buy 5-pound bags of flour at a supermarket, the course will concentrate on markets such as for a “hatch” of wheat on a Panamax bulk freighter, a hatch holding 7,000 metric tonnes of wheat, equivalent to 2.5 million 5–pound bags of flour. The difference in scale between retail and wholesale in commodity markets can be nearly beyond human comprehension. Just how many tanks of gasoline for a single Honda Civic are represented in the 2,000,000 barrels within an Ultra Large Crude Carrier?
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