Abstract
In the United States, recently the use of soybeans as an energy source has drawn attention. It is concerned in Japan that if the use of soybeans for energy keeps increasing, not only the price of conventional soybeans, which is used for soybean oil, but also the price of non-genetically modified organism (Non-GMO) soybeans, which is consumed for food, will increase. This paper examines the price relationships between the non-GMO and conventional soybean prices, and energy prices such as those of crude oil and ethanol using the cointegration methods. The results suggest that the prices of the non-GMO and conventional soybeans do not have price relationships with those of the energy prices. This implies that the non-GMO and conventional soybean markets are not affected by the energy markets.
