ANALYSIS OF INTER-TEMPORAL PRICING EFFICIENCY OF SORGHUM IN GUYUK LOCAL GOVERNMENT OF ADAMAWA STATE, NIGERIA
The study examined inter-temporal pricing efficiency of sorghum in Guyuk Local Government of Adamawa State, Nigeria. Data were collected from both primary and secondary sources. The seasonal price pattern of sorghum from1996-2006 was investigated using index number approach through the use of simple regression analysis. Average monthly storage cost of sorghum was estimated from the primary data collected. The findings revealed that female marketers dominated sorghum marketing in the study area and had one form of formal education or the other. Their marketing capital was mainly from personal savings with an initial investment capital of less that N10,000. There was the existence of seasonal variation in the price pattern of sorghum with an average monthly price rise of 8.97%, with September being the peak period and March being the lowest. Also, marketers were found to be efficient in sorghum marketing as revealed by the average monthly storage cost exceeding average monthly price rise of the commodity, thus establishing the existence of inter-temporal pricing efficiency.
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