FARE*2410 Agri-food Markets and Policy

Winter 2022
Section(s): 01

Department of Food, Agricultural and Resource Economics

Credit Weight: 0.50
Version 1.00 - January 10, 2022
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1 Course Details
1.1 Calendar Description
Students will be provided with an introduction to agri-food markets, policies and institutions.
Focus will be placed on: the role and function of futures markets; domestic agri-food policies;
and agri-food trade policies, instruments and institutions. Economic analysis of contemporary
issues in agri-food markets will be emphasized.
Pre-Requisites: FARE*1040 or FARE*1400

1.2 Course Description

This course provides students with an economic perspective on the role and function of
agrifood markets, policies, and related institutions. While the course addresses issues related
to markets, it is not a course in sales or merchandising. Rather, the course focuses on the
economic analysis of agricultural markets and the agricultural marketing function. The course
will explore: the role of market institutions in the price discovery process; modes of price
discovery; the role and function of futures markets; the economics of markets defined
spatially and temporally; the economics of agrifood processing and the marketing bill;
competitiveness, productivity, and industry structure; and agri-food policies, instruments, and
institutions. Course material and assessment emphasize the application of these concepts to
contemporary agrifood markets.

1.3 Timetable
Tuesday and Thursday 10:00 am to 11:20 am

Virtual via Zoom (Zoom link will be shared via course link) for the first two weeks of classes

MINS Room 300

 
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1.4 Final Exam

25 April (Mon) 2022, 11:30 am to 1:30 pm, Room TBA
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2 Instructional Support
2.1 Instructional Support Team
Instructor: Yu Na Lee
Email: ylee13@uoguelph.ca
Telephone: 519-824-4120. Ext. 53427
Office: 308 J.D. MacLachlan Building
Office Hours: Online office hours on Monday 1- 2:30 p.m., or by
appointment. Virtual via Zoom for the first two weeks of
classes.

Office Hours: • You can contact the instructor via email. Expect to
hear back from the instructor within 24 hours. 
• You may expect to receive assignment grades and
feedback within two weeks from submission. 
• Links to classes and virtual office hours will be
available at Course Link.

Office Hours: Online office hours on Monday 1- 2:30 p.m., or by

appointment. Virtual via Zoom for the first two weeks of
classes.

Office Hours: • You can contact the instructor via email. Expect to
hear back from the instructor within 24 hours. 
• You may expect to receive assignment grades and
feedback within two weeks from submission. 
• Links to classes and virtual office hours will be
available at Course Link.

2.2 Teaching Assistants

Teaching Assistant (GTA): Aaron Lorenz
Email: alorenz@uoguelph.ca
Office Hours: TBA
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3 Learning Resources
3.1 Required Resources
Online Required Resources (Website)
https://courselink.uoguelph.ca/

• Lectures and virtual office hours will be offered synchronously via Zoom for the
first two weeks of classes. Lecture will not be recorded.
• Students are required to check CourseLink regularly. All lecture notes and
course material will be posted on the CourseLink.

3.2 Recommended Resources

Agricultural Product Prices (Textbook)
Tomek, William G. and Harry M. Kaiser. 2014. Agricultural Product Prices (Fifth Edition).
Cornell University Press.

*An e-book version is available at the U of Guelph library website.

*Also available on four-hour reserve at the MacLachlan Library.

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4 Learning Outcomes
4.1 Course Learning Outcomes
By the end of this course, you should be able to:
1. Critically evaluate, explain and apply the different means by which prices are discovered
in food and agricultural markets
2. Apply concepts from futures markets to food and agricultural markets
3. Apply the economics of markets over form to food and agricultural markets
4. Understand and explain the role of quality in food and agricultural markets
5. Apply the economics of markets over space to food and agricultural markets
6. Apply the economics of markets over time to food and agricultural markets
7. Understand and explain the concept of agricultural supply response
8. Understand and explain the role of competitiveness and productivity in food and
agricultural markets
9. Apply concepts of industrial organization to food and agricultural markets

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10. Explain the nature and features of Canada’s agrifood policies

11. Apply course principles and concepts to the food system as a whole
12. Apply and interpret statistical analysis to economic issues in the agrifood sector
13. Demonstrate capacity for professionalism and integrity in a teamwork environment
14. Communicate clearly, concisely, and correctly in the written, spoken, and visual form
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5 Teaching and Learning Activities

5.1 Lecture
Lecture Content

Topics: We will cover a variety of different issues related to the

economics of food and agricultural markets, as listed
below:

• Introduction and review (class notes)

• Price discovery (Tomek & Kaiser Ch. 11)
• Futures markets (class notes; Tomek & Kaiser Ch.
12 & 13)
• Markets over form & marketing margins (Tomek
and Kaiser Ch. 6)
• Markets and quality (Tomek and Kaiser Ch. 7)
• Markets over space & spatial equilibrium (Tomek
and Kaiser Ch. 8)
• Markets over time (Tomek and Kaiser Ch. 9)
• Competitiveness & Productivity (Class notes)
• Organization of the modern food industry (Class
notes)
• Agrifood policies & institutions (Class notes)

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6 Assessments
6.1 Marking Schemes & Distributions

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Name Scheme A (%)

Online quizzes 10

Assignments 15

Mid-term exam 20

Agrifood debate progress memo 5

Agrifood debate presentation 15

Agrifood debate reflection 5

Final exam 30

Total 100

6.2 Assessment Details

Online quizzes (10%)
Date: Thu, Jan 13 - Thu, Apr 7, Courselink Quiz
Learning outcomes 1-10

Every Thursday during class, one or two simple multiple-choice type of quiz questions are

presented. Students will be asked to complete the quiz during class via Course Link
Quizzes. Late submissions will be allowed by 6 p.m. EST on the same day. After that, the
quiz will not be accessible. The lowest mark will be dropped at the end of the semester.  

Assignment 1 (5%)
Due: Tue, Feb 1, 10:00 AM, Dropbox folder
Learning Outcome: 1, 2, 3, 11, 12, 14

• Problem sets are individual assignments. 

• Please submit a scanned or typed document via Dropbox.
• Due before the start of the classes (10 AM).

Mid-term Exam (20%)

Date: Tue, Feb 15, 10:00 AM - 11:20 AM, CourseLink Quiz Tab
Learning Outcome: 1, 2, 3, 11, 12, 14

• Practice questions will be circulated.

• Discussions or collaboration with your classmate is not allowed and will be
considered as academic dishonesty.

Agri-food policy debate progress memo (5%)

Date: Tue, Mar 1
Learning Outcome: 11, 12, 13, 14

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• Submit at Dropbox.
• Due before the start of the classes (10 AM).

Assignment 2 (5%)
Due: Tue, Mar 8, 10:00 AM
Learning Outcome: 3, 4, 11, 12, 14

• Problem sets are individual assignments. 

• Please submit a scanned or typed document via Dropbox.
• Due before the start of the classes (10 AM).

Assignment 3 (5%)
Due: Tue, Mar 29, 10:00 AM
Learning Outcome: 5, 6, 11, 12, 14

• Problem sets are individual assignments. 

• Please submit a scanned or typed document via Dropbox.
• Due before the start of the classes (10 AM).

Agri-food policy debate group presentation (15%)

Date: Thu, Mar 31, 10:00 AM - Thu, Apr 7, 10:00 AM, Online via Zoom (Synchronous)
Learning outcomes 10, 11, 13, 14
Agri-food policy debate individual reflection (5%)
Due: Fri, Apr 8, 6:00 PM
Learning Outcome: 11, 12, 13, 14
Final Exam (30%)
Date: Mon, Apr 25, 11:30 AM - 1:30 PM, TBA
Learning Outcome: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14

• Practice questions will be circulated.

• Discussions or collaboration with your classmate is not allowed and will be
considered as academic dishonesty.

6.3 Agri-food Debate Presentation

To gain an appreciation of the broader agri-food policy and the food system, students will be
assigned to teams of 3-4 members to complete an agri-food debate presentation.  Teams
and topics will be randomly assigned during the second week of classes. Each group will be
assigned an “agree” or “disagree” position for a statement about a relevant and timely agri-

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food policy topic.

• Early in the semester, a “pre” online survey will be conducted to each student on
their “agree” or “disagree” position on the statements. There is NO right or wrong
answer.
• Throughout the semester, each group is required to report their progress by
submitting a progress memo (at most two double-spaced pages, excluding
references).
• At the end of the semester, each team will develop and deliver a presentation.
This will be done during the last three classes. Each presentation can be no
longer than 8 minutes, followed by questions and answers for 5 minutes. A slide
deck can have at most seven slides (excluding a cover page and a references
page. The instructor will circulate a template), and every group member must
have an opportunity to speak during the presentation. Presentations are expected
to be given during the class time synchronously unless there are serious
circumstances to be accommodated.
• After all the groups finished their presentations, a “post” online survey will be
conducted to each student on their “agree” or “disagree” position on the
statements. Again, there is NO right or wrong answer.
• Lastly, each individual team member will develop and submit a brief reflection
piece (at most two double-spaced pages excluding references) outlining their
thoughts on the exercise.

A rubric on the team progress reports, team presentation, and individual reflection piece will
be circulated early in the semester.

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7 Course Statements
7.1 Grading Policies

• Late Policy: If you choose to submit assignments to the Dropbox late, the full

allocated mark will be reduced by 10% per day after the due date and time for the
submission of the assignment to a limit of six days at which time access to the 

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Dropbox folder will be closed. Late Graded Homework Assignments will NOT be

graded and the assigned grade will be zero if they are submitted after the solutions
have been posted to CourseLink.
• Students who wish to claim illness or compassionate reasons for missing term
work or exams must submit the appropriate certificates or verification as
indicated in the University of Guelph Undergraduate Calendar, as outlined at:
https://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/index.shtml
• Requests to re-grade elements of the course evaluation can be accommodated.
Students should be aware that a request to review the mark awarded for any
element of the evaluation could result in your mark being revised either upwards
or downwards.

7.2 Course Policy

Communicating with Your Instructor

During the course, your instructor will interact with you on various course matters on the
course website using the following ways of communication:

• Announcements: The instructor will use Announcements on the Course Home

page to provide you with course reminders and updates. Please check this
section frequently for course updates from your instructor.
• Email: If you have a conflict that prevents you from completing course
requirements, or have a question concerning a personal matter, you can send
your instructor a private message by email. The instructor will attempt to respond
to your email within 24 hours.
• Video Call: If you have a complex question you would like to discuss with your
instructor, you may book a video meeting on Zoom by sending an email to the
instructor.

Netiquette Expectations

The course website is considered the classroom and the same protections, expectations,
guidelines, and regulations used in face-to-face settings apply. Inappropriate behaviour will
not be tolerated. Examples of inappropriate online behaviour include:

• Posting inflammatory messages about your instructor or fellow students;

• Using offensive language;

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• Copying or presenting someone else's work as your own;

• Adapting information from the Internet without using proper citations or
references;
• Buying or selling term papers or assignments;
• Posting or selling course materials to course notes websites;
• Having someone else complete your quiz or completing a quiz for/with another
student;
• Stating false claims about lost quiz answers or other assignment submissions;
• Threatening or harassing a student or instructor;
• Discriminating against fellow students, instructors, and/or TAs;
• Using the course website to promote profit-driven products or services;
• Attempting to compromise the security or functionality of the learning
management system; and
• Sharing your username and password.

Dropbox Submissions

Assignments should be submitted electronically via the online Dropbox tool. When submitting

your assignments using the Dropbox tool, do not leave the page until your assignment has
successfully uploaded. To verify that your submission was complete, you can view the
submission history immediately after the upload to see which files uploaded successfully.
The system will also email you a receipt. Save this email receipt as proof of submission.

Be sure to keep a back-up copy of all of your assignments in the event that they are lost in
transition. In order to avoid any last-minute computer problems, your instructor strongly
recommend you save your assignments to a cloud-based file storage (e.g., OneDrive), or send
to your email account, so that should something happen to your computer, the assignment
could still be submitted on time or re-submitted.

It is your responsibility to submit your assignments on time as specified on the Schedule. Be

sure to check the technical requirements and make sure you have the proper computer, that
you have a supported browser, and that you have reliable Internet access. Remember that 
technical difficulty is not an excuse not to turn in your assignment on time. Don’t wait until
the last minute as you may get behind in your work.

If, for some reason, you have a technical difficulty when submitting your assignment
electronically, please contact your instructor or CourseLink
Support: http://spaces.uoguelph.ca/ed/contact-us/.

Grades and Feedback

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Unofficial assessment marks will be available in the Grades tool of the course website.

Your instructor and the teaching assistant will attempt to have grades posted online within 2
weeks of the submission deadline, if the assignment was submitted on time. Once your
assignments are marked you can view your grades on the course website by selecting 
Grades from the Tools dropdown menu on the navbar. Your course will remain open to you
for seven days following the last day of the final exam period.

University of Guelph students can access their final grade by logging into WebAdvisor (using
your U of G central ID).

https://webadvisor.uoguelph.ca

8 University Statements
8.1 Email Communication
As per university regulations, all students are required to check their e-mail account regularly:
e-mail is the official route of communication between the University and its students.

8.2 When You Cannot Meet a Course Requirement

When you find yourself unable to meet an in-course requirement because of illness or
compassionate reasons please advise the course instructor (or designated person, such as a
teaching assistant) in writing, with your name, id#, and e-mail contact. The grounds for
Academic Consideration are detailed in the Undergraduate and Graduate Calendars.

Undergraduate Calendar - Academic Consideration and Appeals

https://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-ac.shtml

Graduate Calendar - Grounds for Academic Consideration

https://www.uoguelph.ca/registrar/calendars/graduate/current/genreg/index.shtml

Associate Diploma Calendar - Academic Consideration, Appeals and Petitions

https://www.uoguelph.ca/registrar/calendars/diploma/current/index.shtml

8.3 Drop Date

Students will have until the last day of classes to drop courses without academic penalty. The
deadline to drop two-semester courses will be the last day of classes in the second semester.
This applies to all students (undergraduate, graduate and diploma) except for Doctor of
Veterinary Medicine and Associate Diploma in Veterinary Technology (conventional and
alternative delivery) students. The regulations and procedures for course registration are
available in their respective Academic Calendars.

Undergraduate Calendar - Dropping Courses

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https://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-drop.shtml

Graduate Calendar - Registration Changes

https://www.uoguelph.ca/registrar/calendars/graduate/current/genreg/genreg-reg-
regchg.shtml

Associate Diploma Calendar - Dropping Courses

https://www.uoguelph.ca/registrar/calendars/diploma/current/c08/c08-drop.shtml

8.4 Copies of Out-of-class Assignments

Keep paper and/or other reliable back-up copies of all out-of-class assignments: you may be
asked to resubmit work at any time.

8.5 Accessibility
The University promotes the full participation of students who experience disabilities in their
academic programs. To that end, the provision of academic accommodation is a shared
responsibility between the University and the student.

When accommodations are needed, the student is required to first register with Student
Accessibility Services (SAS). Documentation to substantiate the existence of a disability is
required; however, interim accommodations may be possible while that process is underway.

Accommodations are available for both permanent and temporary disabilities. It should be
noted that common illnesses such as a cold or the flu do not constitute a disability.

Use of the SAS Exam Centre requires students to make a booking at least 14 days in advance,
and no later than November 1 (fall), March 1 (winter) or July 1 (summer). Similarly, new or
changed accommodations for online quizzes, tests and exams must be approved at least a
week ahead of time.

For Guelph students, information can be found on the SAS website

https://www.uoguelph.ca/sas

For Ridgetown students, information can be found on the Ridgetown SAS website
https://www.ridgetownc.com/services/accessibilityservices.cfm

8.6 Academic Integrity

The University of Guelph is committed to upholding the highest standards of academic
integrity, and it is the responsibility of all members of the University community-faculty, staff,
and students-to be aware of what constitutes academic misconduct and to do as much as
possible to prevent academic offences from occurring. University of Guelph students have
the responsibility of abiding by the University's policy on academic misconduct regardless of
their location of study; faculty, staff, and students have the responsibility of supporting an
environment that encourages academic integrity. Students need to remain aware that
instructors have access to and the right to use electronic and other means of detection.

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Please note: Whether or not a student intended to commit academic misconduct is not
relevant for a finding of guilt. Hurried or careless submission of assignments does not excuse
students from responsibility for verifying the academic integrity of their work before
submitting it. Students who are in any doubt as to whether an action on their part could be
construed as an academic offence should consult with a faculty member or faculty advisor.

Undergraduate Calendar - Academic Misconduct

https://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-
amisconduct.shtml

Graduate Calendar - Academic Misconduct

https://www.uoguelph.ca/registrar/calendars/graduate/current/genreg/index.shtml

8.7 Recording of Materials

Presentations that are made in relation to course work - including lectures - cannot be
recorded or copied without the permission of the presenter, whether the instructor, a student,
or guest lecturer. Material recorded with permission is restricted to use for that course unless
further permission is granted.

8.8 Resources
The Academic Calendars are the source of information about the University of Guelph’s
procedures, policies, and regulations that apply to undergraduate, graduate, and diploma
programs.

Academic Calendars
https://www.uoguelph.ca/academics/calendars

8.9 Disclaimer
Please note that the ongoing COVID-19 pandemic may necessitate a revision of the format of
course offerings, changes in classroom protocols, and academic schedules. Any such
changes will be announced via CourseLink and/or class email.  

This includes on-campus scheduling during the semester, mid-terms and final examination
schedules. All University-wide decisions will be posted on the COVID-19 website
(https://news.uoguelph.ca/2019-novel-coronavirus-information/) and circulated by email.

8.10 Illness
Medical notes will not normally be required for singular instances of academic consideration,
although students may be required to provide supporting documentation for multiple missed
assessments or when involving a large part of a course (e.g.. final exam or major
assignment).

8.11 Covid-19 Safety Protocols

For information on current safety protocols, follow these links: 

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• https://news.uoguelph.ca/return-to-campuses/how-u-of-g-is-preparing-for-your-
safe-return/
• https://news.uoguelph.ca/return-to-campuses/spaces/#ClassroomSpaces

Please note, these guidelines may be updated as required in response to evolving University,
Public Health or government directives.
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