Seasonal Price Variation Analysis of Palm oil: Case Study of Nigeria (2016-2022)

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This was done by understanding buyer requirements, producer effort, measurements taken, and contracting with buyers credit from customers. A multiphase sampling strategy was used. Organized interviews and questionnaires were utilized to collect primary data, while the National Bureau of Statistics provided secondary time series data on the average monthly retail price of palm oil from 2016 to 2022. Among the analysis techniques employed are multiple regression models, descriptive statistics, and time series decomposition. The findings showed that women made up the majority of producers. The majority of respondents stated that growing palm oil was their main source of income, indicating a variety of revenue streams. Over half of the participants derived their funding from their savings. The monthly seasonal price increase of palm oil in Naira per liter was obtained by regressing the price difference at time t (Pt) against trend (T). The need for biofuel, production growth, governmental regulations, market dynamics, and the seasonality of palm oil products are then identified by the study as important factors influencing palm oil prices. Therefore, it is advised that in order to maximize the benefits that farmers receive from processing their palm oil, producers and dealers should be aware of seasonal price variations. This will help them make well-informed decisions about when to buy and sell the product. Agricultural Economics & Policy Food Science & Technology Biofuel Palm oil Price Processing Variation Figures Figure 1 Figure 2 Figure 3 INTRODUCTION Given its use as a source of food and farm revenue, palm oil is a valuable commodity in the Nigerian economy. Together, palm oil and palm kernel oil account for around 70% of the nation's total vegetable oil consumption requirements, while also supporting approximately 4 million jobs directly and indirectly (Nkongho et al, 2014 ). Since then, the Nigerian palm oil sector has expanded tremendously in spite of recent neglect. Its significance has influenced every aspect of the country's economy. To support families and communities, different geographic areas have different needs when it comes to managing natural and agricultural resources. To give producers and their communities viable livelihood prospects, for example, governments, non-governmental organizations, and civil society organizations are implementing a number of programs. In this regard, palm oil has become more well-known as one of the main products made in West Africa's tropical rain forest region. Palm oil accounted for about 36% of the world's oil crops and produced oil (Ritchie and Roser, 2021 ). Palm oil and its byproducts have found applications in a wide range of downstream industries, such as food and beverage, cosmetics, pharmaceuticals, oleo chemicals, biodiesel, renewable energy, and cutting-edge materials like carbon nanotubes. Palm oil is the most accessible and least expensive edible oil. Therefore, it appears that as the commodity's price rises, the cost of food as a whole rises as well, contributing to inflation. A study that was done revealed a significant and positive relationship between inflation and CPO price (Isa et al, 2020 ). A country's economy depends heavily on the palm oil subsector for a number of reasons, the most significant of which is the sheer number of people it employs. It employs significantly more people than all other industries or sectors put together, between 60 and 70 percent of the workforce in a developing country. Related to this is the reality that most countries carry out their agricultural activities in rural areas, where the majority of the impoverished reside. As a result, a well-developed subsector of the palm crude oil industry has a significant potential to reduce poverty, making it imperative for a country's strategic interests to expand its domestic palm oil industry as opposed to depending on imports. Thus, it is impossible to overstate the significance of palm price variation for Nigeria's goal of achieving sustained growth. As a value addition business, palm oil pays specific supply chain participants for tasks that downstream industries previously completed or for completing tasks that producers thought valuable but had disregarded (Amanor, 2003; Sarku, 2017 ; Cucagna and Goldsmith, 2018 ). It should be noted that the United States Department of Agriculture (USDA) defined value addition as altering a product's state or form, producing goods in a way that increases their value, and physically separating agricultural products in a way that increases their value. Most people agreed that the primary goals of palm oil are frequently to maximize the net farm income and wealth of producers (Anderson and Hanselka, 2013 ). Expanding the activities in value addition palm oil processes is crucial if they are to benefit from economies of scale and ensure that they don't just produce for the benefit of downstream participants in their supply chain. Products that result from processing oil palm can be easily divided into three categories, according to Beveridge ( 2009 ). Firstly, fruit-based products, such as crude palm oil, fiber, and sludge; secondly, nut-based products, like palm kernel oil, palm kernel cake, and empty shell; and lastly, trunk-based products. These products (cooking and frying oil, margarine, cocoa butter substitute, etc.) are used as food. Oleochemicals (particle board, pulp, paper, fertilizer, energy, feedstock, starch, and soap, salad oil, detergent, lubricant, and biodiesel, among others). Processing oil palm and its benefits could improve national food security and lessen poverty in rural areas. Extra-value products like vegetable oil, palm kernel oil, and local soap can be sold for a profit in the commercial sector. Additionally, small-scale producers' processing of palm kernels has the potential to boost revenue, lower rural poverty, unemployment, and waste in the processing of oil palm (Sarku, 2014 ). Prior to the petroleum (oil) boom of the late 1970s, Nigeria was the world's largest producer and distributor of palm oil, according to Bassey ( 2016 ). The production of palm oil, which provides a significant amount of employment and income for a sizable portion of the rural population in the southern part of the country, has either generally stagnated or been subject to critical fluctuations, according to data from Gourichon (2013), Statista ( 2017 ), Palm Oil Analytics ( 2017 ), and many other sources in Nigeria and other West African countries. But the nation's economic development is not aided by the drop in agricultural output and export, especially when it comes to oil palm processing and value addition. Government arrangements and market transactions are the two ways that businesses and individuals can access production resources. Nigeria has not implemented specific sustainability measures (like those used in Indonesia), but it does have a patchwork of environmental and land regulations that apply. As of right now, market transactions are the most significant way that businesses in Nigeria can access resources. Farmers must, however, find ways to get access to resources for production, including traveling to villages and making cash payments up front as part of required purchases. The likelihood of a consistent supply is highest for dominant classes in the palm oil processing industry, such as those with access to grants, loans, and contract money. Going back to the study's background, resource access analysis aims to clarify and look into how productive resources are accessed in the palm oil sector. The concept is that women in the study area process palm oil primarily on their own, but because they share a processing location, they identify as a group. The relationships that processors have with traders, oil palm farmers, and fruit sellers may affect their ability to obtain a steady supply of palm fruits and the palm oil market with regard to the pricing of palm fruits and palm oil. Ekpe, ( 2013 ) asserts that markets determine how resources are allocated, which in turn affects the decisions made by economic agents regarding the production and consumption of goods. As a result, palm oil's economic activity is based on prices and markets. This is so because the marginal economic desirability of various consumption options and the marginal profitability of various production options are determined by markets. Markets, however, are fallible and may provide inaccurate information regarding the worth of palm oil. The knowledge generated by this research study is expected to support the development of appropriate strategies for maximizing the benefits associated with palm oil processing. Additionally, it will facilitate the government and development organizations' comprehension of the workings of the palm oil sector with respect to pricing and availability of palm fruits, strengthening the advocacy for improved institutional and policy frameworks that are necessary to ensure the palm oil industry's profitability and viability. Knowing the seasonal price variation is essential for palm oil producers and traders to make well-informed decisions about when to purchase and sell the commodity. For them to maximize their profits and properly manage their risks, they must foresee changes in supply and demand. In order to take advantage of lower prices during the peak season, consumers can plan their purchases and modify their consumption patterns by understanding the seasonal price variation. The study aims to identify the study area's seasonal price variations, examine the elements that influences the cost of palm oil and finally describe how processors interact with each other and specific buyer types to decide on price during the season. In the other words, to describe the relationship of processors to certain types of buyers to determine price at time of the season. STUDY AREA This study was carried out in Nigeria while primary data was gathered in Ekiti State. The entirety of Ekiti State is located in a tropical region. It lies between latitudes 70°151′ and 80°51′ north of the Equator and longitudes 40°51′ and 50°451′ east of the Greenwich meridian. With a total land area of 5887.890 square kilometers, it is bordered to the east and south by Ondo State and lies south of Kwara and Kogi State, east of Osun State. There are sixteen Local Government Councils in Ekiti State. The population of Ekiti State was 1,647,822 according to the 1991 Census, and it was estimated to be 1,750,000 when it was established on October 1st, 1996, with Ado-Ekiti serving as the capital. The 2006 population census by the National Population Commission put the population of Ekiti State at 2,384,212 people. ( https://www.ekitistate.gov.ng/ ) Mainly an upland zone rising over 250 metres above sea level, Ekiti has a rhythmically undulating surface. The landscape consists of ancient plains broken by steep-sided outcropping dome rocks. These rocks may occur singularly or in groups or ridges and the most notable of these are to be found in Efon-Alaaye, Ikere-Ekiti and Okemesi-Ekiti. An important feature of the state is the large number of hills it possesses, which are often the site of towns in which much of the population resides. In fact, the word ‘Ekiti’ was derived from the local term for hill. Ekiti located in the southwestern part of Nigeria has its vegetation consisting of the dry lowland rainforest and the derived savanna. Therefore, the vegetation of the state makes it a suitable for the cultivation of several cash and food crops. Agriculture is the main occupation of the people of Ekiti, and it is the major source of income for many in the state. Agriculture provides income and employment for more than 75% of the population of Ekiti State. Some of Ekiti’s agricultural produce are: Cash crops such as Cocoa, Oil Palm, Kolanut, Plantain, Bananas, Cashew, Citrus and Timber; Arable /Food Crops such as Rice, Yam, Cassava, Maize and cowpea. Three Local government and seven community area were chosen for this study, these are Irepodun/ifelodun local government, Araromi Obo, Igbemo, Afao, Are, Iworoko Ado-local government, Awedele, Okesa, Bisi, Adebayo, Bashiri Moba local government, Ijan, Iluomoba, Aisegba, Agbado, Imesis SAMPLING PROCEDURE The households in Ekiti State that cultivate palm oil were the study's target population. To create the sample for this study, a three-stage multi-random sampling technique was employed. Three local governments-Irepodun Ifelodun, Ado local, and Moba local government-were purposefully chosen in the first step. This was carried out since their primary agricultural activity is the production of palm oil. Four communities were chosen at random for the second phase. Thirdly, out of the 120 respondents, 10 farming households were chosen at random from each community. SAMPLING TECHNIQUES AND SAMPLE SIZE Sources of data Two sources provided the information for this study. The two types of data: primary and secondary. The primary data was gathered via the use of a questionnaire to obtain details about the means of transportation, the source of funding, price fluctuations, factors influencing the price of palm oil, the relationships between processors and buyers, and so on. Data was obtained from wholesalers of palm oil chosen at random. Out of the one hundred and twenty questionnaires, one hundred and ten questionnaires were considered valuable and examined. Secondary time series data is the price variation of palm oil of the whole Nigeria collected from Bureau of Statistics on the average monthly retail price of palm oil while primary data was collected in Ekiti State. Analytical techniques The data analysis that was used for this study include Descriptive statistics is used to describe the relationship of processors to certain types of buyers to determine price at time of the season Time series decomposition is used to describe the seasonal price variation in the study area Multiple regression model is used to determine the factors affecting the price of palm oil. Descriptive statistics In order to facilitate easy analysis, the data used for this study was first subjected to descriptive statistics to describe how processors relate to one another and to specific types of buyers in order to determine price at the time of the season. Averages, numbers, tables, graphs, and index numbers were among the descriptive statistics used to characterize the seasonal price pattern and price increase of palm oil in the study area. Time series decomposition An analytical technique called time series decomposition was employed to explain the behavior of price variation in the palm oil study area over time.. Trend variation Trend (T) Is long term price movements associated with macroeconomic factors such as general inflation and deflation of the economy and factors specific to agricultural products (Tomek and Robinson, 1981 ; Somboonsuke et al., 2013). It was analyzed using simple linear regression analysis with ordinary least squares method. Issariyanukula et al., ( 1983 ). Annual time series data of prices of palm oil during 2013 to 2022 were used as dependent variables, and time trend as independent variable. So, the equations to describe them are as follows PPOt = b0 + b1TIMt Where PPOt = An average prices of palm oil (Naira per liter) TIM = Time trend ( 1,2,3,……….24) b0 = The coefficients for the respective variables in the function Multiple regression A statistical technique for examining the relationship between several independent variables and one dependent variable is multiple regression analysis. This analysis can be used to assess how financial and economic conditions are affecting the palm oil industry in relation to the price of the product. It enables the identification of important variables that could impact the cost of palm oil and its production, such as fluctuations in exchange rates, the demand for biofuels, and technological advancements. consumer desire, Producers can more effectively adjust to market conditions and make well-informed decisions regarding their operations by being aware of these factors. A statistical technique for examining the relationship between several independent variables and one dependent variable is multiple regression analysis. This analysis can be used to assess how financial and economic conditions are affecting the palm oil industry in relation to the price of the product. It enables the identification of important variables that could impact the cost of palm oil and its production, such as fluctuations in exchange rates, the demand for biofuels, technological advancements, and consumer desire. Producers can more effectively adjust to market conditions and make well-informed decisions regarding their operations by being aware of these factors. The model is given as: Y = f (X1, X2, X3, X4, -----------X12) Y = β0 + βnXn + Ɛ Where; Y = Price of palm oil β0 = Intercept (Constant term) β = Co-efficient of the independent variables n = 1, 2, 3, 4, 5, 6, …, n Ɛ = Error term Β1-β13 = Regression coefficients X1 = Currency fluctuation X2 = How biofuel demand determine palm oil price variation X3 = Bad road X4 = Irregular measurement X5 = Increases in production costs X6 = Weather Conditions X7 = Government Policies X8 = Economic conditions X9 = Technological advancements X10 = alternative on price X11 = cultural practices X12 = seasonality LIMITATION OF THE STUDY A significant obstacle encountered during the investigation was the wholesaler's inadequate record-keeping. Since memory recall was the main source of information from the wholesales, estimates of the input used, yield realized, cost price, and selling price may include margins of error. The most significant factor is the commodity's (palm oil) price volatility, which may be influenced by seasonal factors (off-season period). Additionally, the respondents exhibited a lack of willingness and a negative attitude when it came to providing the study with the information it needed, particularly when it came to the price of their commodities.. RESULTS AND DISCUSSION The data findings and discussions regarding the seasonal price variation analysis of palm oil are presented in this section. This contains a thorough explanation of the seasonal price fluctuations in the research region, as well as the variables influencing palm oil prices and the relationships amongst processors. FREQUENCY DISTRIBUTION TABLES OF THE SOCIO-ECONOMIC CHARACTERISTICS The respondents' socioeconomic characteristics are displayed in Table 1 . According to the age group, there are 8.33% of respondents under 30 years, 30% of people between 31 years and 40 years, 21.67% of respondents between 41 years and 50 years, 20.83% of respondents between 51 years and 60 years, and 19.17% of people over 60 years. This shows that the majority of palm oil users are energetic, young people who can complete the tasks quickly. A worthwhile project, according to a study that looks into young people's interaction with palm oil. This study evaluated the youths' participation in the processing of oil palm fruit (Ayinde et al., 2021 ). The breakdown of years of marketing experience shows that those with less than five years are 40%, those with six to ten years are 44.17%, those with eleven to fifteen years are 10%, those with sixteen to twenty years are 1.67%, and those with more than twenty years are 4.17%. This suggests that the majority of responders have more expertise in the palm oil industry, which aids in their effective use of capital. This backs up a study that was carried out in light of oil marketing expertise and a knowledge gap regarding the ROI of marketing palm oil as a means of sustaining livelihoods (Obasi and Kalu, 2015 ). According to the respondents' gender, there are 17.50% more women than men (82.50%). As a result, women produce and trade the majority of palm oil. According to the respondents' marital status, there are 4.17% of singles, 83.33% of married respondents, 8.33% of divorced respondents and 4.17% of widowed respondents. This demonstrates that most farmers are married, and family members who process palm oil can provide a steady labor force, particularly for small- to medium-sized palm oil operations. This can lower labor expenses and produce a workforce that is committed. In terms of education, the percentages are as follows: 2.50% have never attended formal school; 19.17% have studied the Quran; 64.17% have completed primary school; 12.50% have completed secondary school; and 1.67% have completed tertiary education. It's evident that most farmers possess reading and writing skills. This enhances knowledge of the palm oil industry's worldwide trends and the market. Thus, having an oil palm plantation was not restricted by one's level of education, despite the fact that access to information was a key factor in better managing the plantation. It was found that the respondents' primary source of income is palm oil, with 24.17% reporting that they trade part-time and 75.83% reporting that they trade full-time. The sources of palm oil purchases are as follows: 1.87% and 0.83% come from other sources, while 5.83%, 35.83%, and 0.83% come from own farms and farm gates, respectively. Purchasing palm oil from the local market can frequently be more affordable because it involves fewer logistics and transportation costs. This can be crucial for companies trying to cut expenses on overhead. Of the total financing sources, 50.83% come from personal savings, 2.50% come from bank loans, 5% come from friends and family, 30% come from money lenders with no financing from Esusu, and 11.67% come from cooperatives. A sizable percentage of palm oil entrepreneurs and businesses rely on their own personal funds to launch, run, or grow their operations, as evidenced by the statistic that 50.83% of palm oil businesses are financed through their owners' personal savings. There are benefits to this method of business financing that come with no interest. When analyzing the methods used to get palm oil to market, 29.17% use trucks, 67.50% use taxis, 1.67% use personal vehicles, and 1.67% use head portages. It is evident that the majority of respondents use taxis, which offer them the most convenient mode of transportation. Respondents' sales to whom they sell indicate that 2.50% sell to retailers, 21.67% sell to consumers, and 75.83% sell to both. Diversifying a farmer's revenue streams is achieved by selling to both retailers and consumers. This can increase revenue stability and lessen the company's reliance on a particular market niche, strengthening its ability to withstand changes in the market. The table also demonstrates that all responders—100% of them—affirmed that the dry season had the highest prices. This demonstrates how the price of palm varies with the season. It is evident that 27.50% of the participants are members of a palm oil association, whereas 72.50% do not belong to any such organization. This demonstrates the majority of respondents' lack of interest in affiliation. This demonstrates that although 1.67% of respondents receive these benefits from the association, 98.33% of respondents do not receive association support or promotion of sustainable palm oil production practices. As a result, the respondent does not benefit from the majority of the associations. When it comes to information and assistance regarding palm oil, only 5% of people have access to extension workers, whereas 95% do not. This showed that, as a result of extension workers' poor information, the majority of farmers are unaware of innovations. Five percent attested to the frequency of extension workers' visits, while ninety-five percent said they only happened when certain problems arose. It reveals that respondents see extension workers in an emergency situation and not very often otherwise. Table 1 shows the Frequency Distribution tables of the Socio-economic characteristics Age group Freq. Percent < 30 10 8.33 31–40 36 30.00 41–50 26 21.67 51–60 25 20.83 Above 60 23 19.17 Total 120 100.00 Year of marketing experience <=5 48 40.00 6–10 53 44.17 11–15 12 10.00 16–20 2 1.67 Above 20 5 4.17 Total 120 100.00 Gender of the respondents Male 21 17.50 Female 99 82.50 Total 120 100.00 Marital Single 5 4.17 Married 100 83.33 Divorce 10 8.33 Widowed 5 4.17 Total 120 100.00 Education No education 3 2.50 Quaranic 23 19.17 Primary 77 64.17 Secondary 15 12.50 Tertiary 2 1.67 Total 120 100 Part-time trader Yes 29 24.17 No 91 75.83 Total 120 100 Source of buying Own farm 7 5.83 Farm gate 43 35.83 Cooperative farm 1 0.83 Others 2 1.67 Total 53 44.16 Source of finance Personal savings 61 50.83 Bank loan 3 2.50 Relatives and friends 6 5.00 Money lender 36 30.00 Others 14 11.67 Total 120 100 Transportation means Head portage 2 1.67 truck 35 29.17 Taxi 81 67.50 Personal vehicle 2 1.67 Total 120 100 Customers Retailers 3 2.50 Consumers 26 21.67 both 91 75.83 Total 120 100 Highest price period Dry season 120 100.00 Total 120 100 Cooperative memberships Yes 33 27.50 No 87 72.50 Total 120 100 Association Support Yes 2 1.67 No 118 98.33 Total 120 100 Access to extension workers Yes 6 5.00 No 114 95.00 Total 120 100 Extent of Extension workers visitation Regular basis 6 5.00 When issues arise 114 95.00 Total 120 100 Source: field survey 2023 RELATIONSHIP OF PROCESSORS TO CERTAIN TYPES OF BUYERS TO DETERMINE PRICE AT TIME OF THE SEASON The question regarding the relationship between buyers and processors is addressed in this segment. Specialized palm oil derivatives or tailored solutions to meet the needs of particular customers are enjoyed by over 95.83% of respondents, whereas only 4.17% do not. Producing unique palm oil derivatives enables manufacturers to differentiate themselves in the marketplace. In highly competitive industries, this differentiation can play a pivotal role in drawing in customers who are in search of customized or unique solutions, and long-term connections. Companies that can meet their clients' needs exactly can win partnerships and long-term contracts. Customization frequently necessitates extra manufacturing processes or specialist processing tools, which raises the cost of production. For instance, it might take more time, labor, or specialized equipment to produce palm oil derivatives with particular traits or qualities. As a result, the price of palm oil changes over time. Just 3.33% of sellers interact with customers to learn about their unique needs and preferences, compared to 96.667% who do not. Missed opportunities to enhance sustainability practices and address social and environmental issues can arise from not interacting with them. This is in line with the research done by Huang and Sarigöllü ( 2012 ). This study investigates the relationship between market outcome and brand awareness. Precise measurements are taken by about 98.33% of the respondents, which would guarantee the steady quality of products made from palm oil. In order to fulfill client expectations and industry standards, this is crucial. Accurate measurements can spot differences in quality, enabling manufacturers to make the necessary corrections. While 1.67% take minimal steps, this percentage takes significant steps to guarantee the sustainability of your palm oil production and processing methods. It is noted that 82.5% of respondents have contracts in place with buyers to obtain loans for production; these loans will facilitate a seamless and uninterrupted production flow. In contrast, 17.5% of respondents do not have such contracts in place. The majority of respondents (82.5%) got credit from clients prior to the production of palm oil, whereas just 17.5% did not receive credit from clients before the production of palm oil. This suggests that palm traders have access to customer microcredit. Table 2 Relationship Of Processor To Certain Types Of Buyers To Determine Price At Time Of The Season Item Frequency Percentage Buyers requirements Yes 115 95.83 No 5 4.17 Producer effort Strong 4 3.33 Little 116 96.67 Measures taken Strong 118 98.33 Little 2 1.67 Contracting with buyers Yes 99 82.50 No 21 17.50 Credit from customers Yes 99 82.50 Total 120 100.00 Source: field survey 2023 The graphical depiction of palm oil prices in liters from January 2016 to December 2022 is shown in Fig. 1. The price of palm oil was over 300 naira per litre in January 2016 and stayed that way until January 2017, when it increased to 500 naira. The price fluctuated until January 2021, at which point it increased dramatically to 1,200 naira in September 2022. This suggests that the price of palm oil fluctuates during the year. This aligns with research conducted by Omosehin et al. ( 2022 ). According to long-term estimates, there was a slight but positive correlation between palm oil prices and the well-being of palm oil producers. The short-term projections indicate that the price of palm oil and the exchange rate have negative and noteworthy impacts on the well-being of palm oil producers, whereas the inflation rate has a positive and noteworthy influence on welfare. Factors affecting the price of palm oil The Multiple Regression Analysis was used to examine the factors influencing the price of palm in the research area. The price of palm oil in the study area is influenced by only five variables, as indicated in the Table 3 below: "Biofuel demand, Increase in production, Government policy, Economic condition, and seasonality of palm oil." The remaining variables did not exhibit statistical significance. The independent variable in the model appears to explain roughly 51.9% of the variation in the independent variable, according to the R square value of 0.519. The demand for biofuel was statistically significant at 5%, meaning that a unit increase in biofuel demand corresponds to a 3.87 unit increase in palm oil prices. This is in line with research by Koh and Ghazoul ( 2010 ), which explains the advantageous effects of producing biofuels derived from palm oil. As a result, there is a greater need for palm oil as a feedstock, which could have a positive economic impact on palm oil producers. In areas that produce palm oil, this increased demand may boost rural economies. The price of palm oil will rise by 4.0 units for every unit increase in production. indicates that a 5% statistically significant positive impact on palm oil prices can be attributed to increases in production. The price of palm oil is largely determined by the fundamental economic concept of supply and demand. Prices for palm oil typically decline as production rises and supply outpaces demand. On the other hand, prices usually rise in response to drops in production or increases in demand. One-unit increase in the impact of government policies is associated with a -0.531 unit decrease in the price of palm oil suggests that government policies have a 5% statistically significant negative impact on palm oil prices. The implies that policy made by government, like the land act where most of the farmers are not duly compensated. Increase in economic conditions is associated with a -0.785 unit decrease in the price of palm oil. 0.075 is somewhat close to the typical significance at 10%, suggesting that economic conditions may have a borderline statistically significant negative impact on palm oil prices. This implies that a stable economic without inflation will stabilize the price of palm oil. It has been noted that a rise in the seasonality of palm oil products is linked to a -0.278 unit drop in palm oil prices. indicates that the statistical significance of the negative impact of seasonality on palm oil prices is 5%. which demonstrates how palm's seasonality affects price variations. Table 3 Factors affecting palm oil price Price of Palm oil Coef. t P>|t| Currency fluctuation 0.924 0.26 0.796 Biofuel demand 3.868** 2.21 0.029 Bad road on price -4.582 -0.70 0.484 Irregular measurement 7.960 1.39 0.166 Increases in production 4.000** 2.18 0.032 Weather Conditions 2.508 0.79 0.432 Government Policies -0.531** 2.33 0.022 Economic conditions -0.785* -1.80 0.075 Effect of palm oil alternatives 1.570 0.68 0.498 Cultural practices 0.587 0.14 0.888 Seasonality of palm oil product -0.278** -2.19 0.030 _cons | 1 .884 11.97 0.000 Source: field survey 2023 Number of obs = 119 F(11, 107) = 21.31 Prob > F = 0.0000 R-squared = 0.5189 Adj R-squared = 0.4984 Root MSE = 13.186 CONCLUSIONS The study found that traders and processors play significant roles in the palm oil system. The results of this study aides in the development of effective plans to increase the advantages of processing palm oil. Additionally, it would facilitate the government's and development organizations' comprehension of the palm oil industry's workings, including how pricing and fruit availability are determined. This will bolster the advocacy for improved institutional and policy frameworks, which are necessary to ensure the palm oil industry's sustainability and profitability. Thus, the research on the seasonal price variation analysis of palm oil has produced a number of recommendations, one of which is the establishment of a suitable transportation infrastructure. According to the study, the government should set up a suitable transportation network to support traders and processors, increasing productivity and efficiency. According to the study, trainings from the various value chains should be held to help people understand their roles and how to increase output. To increase local farmers' productivity, the study strongly advises palm oil producers to work with other groups, non-governmental organizations, and agricultural agencies both inside and outside the nation. Grants, loans, and credit facilities: A variety of reasonably priced credit options ought to be made available. infrastructure and contemporary technologies are made available to farmers and processors. For palm oil producers and traders to maximize profits and effectively manage risks, they must anticipate shifts in supply and demand. References Amanor-Boadu, V. (2003). A conversation about value-added agriculture. Value-Added Business Development Program. Department of Agricultural Economics. Kansas State University. Anderson, D. P., Hanselka, D., (2013). Risk Management: Adding Value to Agricultural Products. AgriLife Extension Texas A&M System, pp. 1-3. Ayinde, J. O., Famakinwa, M., Akeredolu, B. O. (2021). Youths’ involvement in oil palm ( Elaeis Guineensis ) fruit processing activities. Bassey, O. I. (2016). Overview of oil palm production in Nigeria, comparative social and environmental impacts; the case of Ekong Anaku Community in Cross River State Nigeria. Institute of social science, Erasmus University of Rotterdam, the Hague Netherlands , 3 (15), 1-10. Beveridge, A., 2009. Abia State Palm oil Value Chain Development Project, Umahia, Abia State: World Bank; Nigerian Investment Promotions Commission. Cucagna, M. E., Goldsmith, P. D. (2018). Value adding in the agri-food value chain. International food and agribusiness management review , 21 (3), 293-316. Ekpe, E. K. (2013). A review of economic instruments employed for biodiversity conservation. Consilience, (9), 16-32. Gharleghi, B., Chan, B. Y. F. (2013). The economic importance of crude palm oil in Nigeria. International Journal of Management Sciences and Business Research . Huang, R., Sarigöllü, E. (2012). How brand awareness relates to market outcome, brand equity, and the marketing mix. Journal of Business Research, 65(1), 92-99. Isa, M. A., Baharim, A. T., Mohamed, S., Noh, M. K. A., Nasrul, F., Ibrahim, W. M., Hassan, S. S. (2020). Crude palm oil price fluctuation in Malaysia. International Journal of Academic Research in Business and Social Sciences , 10 (5), 879-892. Issariyanukula, A., Kaoian, S., & Boonma, C. (1983). Economics of production and marketing of selected vegetables. Koh, L. P., Ghazoul, J. (2010). Biofuels, biodiversity, and people: Understanding the conflicts and finding opportunities. Biological Conservation, 143(4), 1045-1056. Nkongho, R. N., Feintrenie, L., Levang, P. (2014). Strengths and weaknesses of the smallholder oil palm sector in Cameroon. Obasi, I. O., Kalu, M. (2015). Profitability and efficiency of palm oil marketing in Arochukwu Local Government Area of Abia State, Nigeria. Research Journal of Agriculture and Environmental Management , 4 (9), 438-444. Omosehin, O., Oseni, J., Olutumise, A., Osabuohien, E. (2022). Palm oil price fluctuations and welfare in Nigeria. In COVID-19 in the African Continent: Sustainable Development and Socioeconomic Shocks (pp. 169-182). Emerald Publishing Limited. Palm oil Analytics, (2017). Essential Palm oil Statistics, Singapore: Palm oil Analytics. Phitthayaphinant, P., Somboonsuke, B., & Eksomtramage, T. (2013). Supply response function of oil palm in Thailand. Journal of Agricultural Technology , 9 (4), 727-747. Ritchie, H., Roser, M. (2021). Forests and deforestation. Our world in data https://ourworldindata.org/palm-oil Sarku, R., (2014). Contribution of Value Addition in Agriculture to Development: Case of the Oil Palm Industry in Kwaebibirem District, Ghana: Thesis submitted to the University of Ghana, Legon in Partial fulfillment of the requirement for the award of MPhil Geography Degree. Sarku, R. (2017). Palm kernel processing for income and employment in the kwaebibirem district, Ghana. Asian Journal of Agricultural Extension, Economics & Sociology , 16 (2), 1-14. Statista, (2017). Agriculture: Leading Producers of Palm oil Worldwide from 2017/2018 (in 1,000 metric tons). Exclusive Premium Statistics , s.1.: Statista. Tomek, W. G., Robinson, K. L. (1981). Agricultural product prices [USA] . Cornell University Press. Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Published Journal Publication published 23 Oct, 2024 Read the published version in Discover Food → Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-3805594","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":263204634,"identity":"a955834d-08de-4895-90a1-6a7debd18991","order_by":0,"name":"Adewale Elizabeth Tobi","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA6klEQVRIiWNgGAWjYFCCBCAuYGBgYzh8AMiSkCFSiwEDAx/jMRBLgod4LXLMZwxAXMJa+NuTj0n8MLCRY2M78/nVjRoLHgb2w0c34NMiceZZmmSPQZoxG8/ZbdY5x4AO40lLu4HXmhs5Zjd4DA4ntkmc3WacwwbUIsFjhleL/I38bzf/GPyvb5N/88w45x8RWgxu5LDd5jE4kMDGcIb5cW4bEVoMzzwz/y1jkGzYxnDMjDm3T4KHjZBf5I4nPzZ8U2EnL99w+PHnnG91cvzsh4/h9z4SYJMAk8QqBwHmD6SoHgWjYBSMgpEDAKM9SILL6p2BAAAAAElFTkSuQmCC","orcid":"https://orcid.org/0009-0008-8877-3871","institution":"Cyprus International University, Nicosia North Cyprus","correspondingAuthor":true,"submittingAuthor":false,"prefix":"","firstName":"Adewale","middleName":"Elizabeth","lastName":"Tobi","suffix":""},{"id":263204635,"identity":"c90cbc5d-7f8c-46a8-9ab9-b954246ad643","order_by":1,"name":"Alabi Ayodeji Thomas","email":"","orcid":"","institution":"University of Ilorin, Nigeria","correspondingAuthor":false,"submittingAuthor":false,"prefix":"","firstName":"Alabi","middleName":"Ayodeji","lastName":"Thomas","suffix":""},{"id":263204636,"identity":"9d919191-f2f1-4b65-88cf-ba64bcc53650","order_by":2,"name":"Ayinde Opeyemi Eyitayo","email":"","orcid":"https://orcid.org/0000-0003-3742-888X","institution":"","correspondingAuthor":false,"submittingAuthor":false,"prefix":"","firstName":"Ayinde","middleName":"Opeyemi","lastName":"Eyitayo","suffix":""},{"id":263204637,"identity":"ccacfce4-0447-4f48-a1a2-38b13374d9c2","order_by":3,"name":"Belewu Yemisi Kafayat","email":"","orcid":"","institution":"University of Ilorin, Nigeria","correspondingAuthor":false,"submittingAuthor":false,"prefix":"","firstName":"Belewu","middleName":"Yemisi","lastName":"Kafayat","suffix":""}],"badges":[],"createdAt":"2023-12-25 21:32:57","currentVersionCode":1,"declarations":{"humanSubjects":true,"vertebrateSubjects":false,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":true,"humanSubjectConsent":true,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":false,"coiExplicitlySet":false},"doi":"10.21203/rs.3.rs-3805594/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-3805594/v1","draftVersion":[],"editorialEvents":[{"content":"https://doi.org/10.1007/s44187-024-00197-2","type":"published","date":"2024-10-24T00:00:00+00:00"}],"editorialNote":"","failedWorkflow":false,"files":[{"id":48907842,"identity":"ef77a21a-3e01-479e-ae87-c7e244031fd7","added_by":"auto","created_at":"2023-12-28 12:10:22","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":173659,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cem\u003eGraph 1\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eSource: National bureau of statistics\u003c/em\u003e\u003c/p\u003e","description":"","filename":"G1.png","url":"https://assets-eu.researchsquare.com/files/rs-3805594/v1/47cc319444b04e79282b62f1.png"},{"id":48908757,"identity":"1e7d0031-2b5c-471c-8a5e-974bacd0ca2d","added_by":"auto","created_at":"2023-12-28 12:18:22","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":613804,"visible":true,"origin":"","legend":"\u003cp\u003eUnnumbered image in the STUDY AREA section.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eMAP OF NIGERIA SHOWING THE LOCATION OF THE STUDY AREA, EKITI STATE\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eSource \u003cem\u003ehttps://en.wikipedia.org/wiki/Ekiti_State\u003c/em\u003e\u003c/p\u003e","description":"","filename":"UF1.png","url":"https://assets-eu.researchsquare.com/files/rs-3805594/v1/20393d51fcbbd757bac97b87.png"},{"id":48907843,"identity":"710d2416-1e12-4db5-b05f-f440ec52e12b","added_by":"auto","created_at":"2023-12-28 12:10:22","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":400287,"visible":true,"origin":"","legend":"\u003cp\u003eUnnumbered image in the STUDY AREA section.\u003c/p\u003e\n\u003cp\u003eSource \u003cem\u003ehttps://www.researchgate.net/figure/Map-of-Ekiti-State_fig3_267302166\u003c/em\u003e\u003c/p\u003e","description":"","filename":"UF2.png","url":"https://assets-eu.researchsquare.com/files/rs-3805594/v1/1edd78d66bed0de869a30d3d.png"},{"id":67944977,"identity":"0e7cde6a-758c-4e0e-aa91-8bae40e4455e","added_by":"auto","created_at":"2024-10-31 13:56:11","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1788523,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-3805594/v1/2bc0a781-1c85-4338-86e4-6a841aec7ff8.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eSeasonal Price Variation Analysis of Palm oil: Case Study of Nigeria (2016-2022)\u003c/strong\u003e\u003c/p\u003e","fulltext":[{"header":"INTRODUCTION","content":"\u003cp\u003eGiven its use as a source of food and farm revenue, palm oil is a valuable commodity in the Nigerian economy. Together, palm oil and palm kernel oil account for around 70% of the nation's total vegetable oil consumption requirements, while also supporting approximately 4\u0026nbsp;million jobs directly and indirectly (Nkongho et al, \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). Since then, the Nigerian palm oil sector has expanded tremendously in spite of recent neglect. Its significance has influenced every aspect of the country's economy.\u003c/p\u003e \u003cp\u003eTo support families and communities, different geographic areas have different needs when it comes to managing natural and agricultural resources. To give producers and their communities viable livelihood prospects, for example, governments, non-governmental organizations, and civil society organizations are implementing a number of programs. In this regard, palm oil has become more well-known as one of the main products made in West Africa's tropical rain forest region.\u003c/p\u003e \u003cp\u003ePalm oil accounted for about 36% of the world's oil crops and produced oil (Ritchie and Roser, \u003cspan citationid=\"CR18\" class=\"CitationRef\"\u003e2021\u003c/span\u003e). Palm oil and its byproducts have found applications in a wide range of downstream industries, such as food and beverage, cosmetics, pharmaceuticals, oleo chemicals, biodiesel, renewable energy, and cutting-edge materials like carbon nanotubes. Palm oil is the most accessible and least expensive edible oil. Therefore, it appears that as the commodity's price rises, the cost of food as a whole rises as well, contributing to inflation. A study that was done revealed a significant and positive relationship between inflation and CPO price (Isa et al, \u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e2020\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eA country's economy depends heavily on the palm oil subsector for a number of reasons, the most significant of which is the sheer number of people it employs. It employs significantly more people than all other industries or sectors put together, between 60 and 70 percent of the workforce in a developing country. Related to this is the reality that most countries carry out their agricultural activities in rural areas, where the majority of the impoverished reside. As a result, a well-developed subsector of the palm crude oil industry has a significant potential to reduce poverty, making it imperative for a country's strategic interests to expand its domestic palm oil industry as opposed to depending on imports. Thus, it is impossible to overstate the significance of palm price variation for Nigeria's goal of achieving sustained growth.\u003c/p\u003e \u003cp\u003eAs a value addition business, palm oil pays specific supply chain participants for tasks that downstream industries previously completed or for completing tasks that producers thought valuable but had disregarded (Amanor, 2003; Sarku, \u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2017\u003c/span\u003e; Cucagna and Goldsmith, \u003cspan citationid=\"CR6\" class=\"CitationRef\"\u003e2018\u003c/span\u003e). It should be noted that the United States Department of Agriculture (USDA) defined value addition as altering a product's state or form, producing goods in a way that increases their value, and physically separating agricultural products in a way that increases their value. Most people agreed that the primary goals of palm oil are frequently to maximize the net farm income and wealth of producers (Anderson and Hanselka, \u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). Expanding the activities in value addition palm oil processes is crucial if they are to benefit from economies of scale and ensure that they don't just produce for the benefit of downstream participants in their supply chain. Products that result from processing oil palm can be easily divided into three categories, according to Beveridge (\u003cspan citationid=\"CR5\" class=\"CitationRef\"\u003e2009\u003c/span\u003e). Firstly, fruit-based products, such as crude palm oil, fiber, and sludge; secondly, nut-based products, like palm kernel oil, palm kernel cake, and empty shell; and lastly, trunk-based products. These products (cooking and frying oil, margarine, cocoa butter substitute, etc.) are used as food.\u003c/p\u003e \u003cp\u003eOleochemicals (particle board, pulp, paper, fertilizer, energy, feedstock, starch, and soap, salad oil, detergent, lubricant, and biodiesel, among others). Processing oil palm and its benefits could improve national food security and lessen poverty in rural areas. Extra-value products like vegetable oil, palm kernel oil, and local soap can be sold for a profit in the commercial sector. Additionally, small-scale producers' processing of palm kernels has the potential to boost revenue, lower rural poverty, unemployment, and waste in the processing of oil palm (Sarku, \u003cspan citationid=\"CR19\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). Prior to the petroleum (oil) boom of the late 1970s, Nigeria was the world's largest producer and distributor of palm oil, according to Bassey (\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2016\u003c/span\u003e). The production of palm oil, which provides a significant amount of employment and income for a sizable portion of the rural population in the southern part of the country, has either generally stagnated or been subject to critical fluctuations, according to data from Gourichon (2013), Statista (\u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), Palm Oil Analytics (\u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2017\u003c/span\u003e), and many other sources in Nigeria and other West African countries. But the nation's economic development is not aided by the drop in agricultural output and export, especially when it comes to oil palm processing and value addition.\u003c/p\u003e \u003cp\u003eGovernment arrangements and market transactions are the two ways that businesses and individuals can access production resources. Nigeria has not implemented specific sustainability measures (like those used in Indonesia), but it does have a patchwork of environmental and land regulations that apply. As of right now, market transactions are the most significant way that businesses in Nigeria can access resources.\u003c/p\u003e \u003cp\u003eFarmers must, however, find ways to get access to resources for production, including traveling to villages and making cash payments up front as part of required purchases. The likelihood of a consistent supply is highest for dominant classes in the palm oil processing industry, such as those with access to grants, loans, and contract money. Going back to the study's background, resource access analysis aims to clarify and look into how productive resources are accessed in the palm oil sector.\u003c/p\u003e \u003cp\u003eThe concept is that women in the study area process palm oil primarily on their own, but because they share a processing location, they identify as a group. The relationships that processors have with traders, oil palm farmers, and fruit sellers may affect their ability to obtain a steady supply of palm fruits and the palm oil market with regard to the pricing of palm fruits and palm oil. Ekpe, (\u003cspan citationid=\"CR7\" class=\"CitationRef\"\u003e2013\u003c/span\u003e) asserts that markets determine how resources are allocated, which in turn affects the decisions made by economic agents regarding the production and consumption of goods. As a result, palm oil's economic activity is based on prices and markets. This is so because the marginal economic desirability of various consumption options and the marginal profitability of various production options are determined by markets. Markets, however, are fallible and may provide inaccurate information regarding the worth of palm oil.\u003c/p\u003e \u003cp\u003eThe knowledge generated by this research study is expected to support the development of appropriate strategies for maximizing the benefits associated with palm oil processing. Additionally, it will facilitate the government and development organizations' comprehension of the workings of the palm oil sector with respect to pricing and availability of palm fruits, strengthening the advocacy for improved institutional and policy frameworks that are necessary to ensure the palm oil industry's profitability and viability.\u003c/p\u003e \u003cp\u003eKnowing the seasonal price variation is essential for palm oil producers and traders to make well-informed decisions about when to purchase and sell the commodity. For them to maximize their profits and properly manage their risks, they must foresee changes in supply and demand. In order to take advantage of lower prices during the peak season, consumers can plan their purchases and modify their consumption patterns by understanding the seasonal price variation. The study aims to identify the study area's seasonal price variations, examine the elements that influences the cost of palm oil and finally describe how processors interact with each other and specific buyer types to decide on price during the season. In the other words, to describe the relationship of processors to certain types of buyers to determine price at time of the season.\u003c/p\u003e"},{"header":"STUDY AREA","content":"\u003cp\u003eThis study was carried out in Nigeria while primary data was gathered in Ekiti State. The entirety of Ekiti State is located in a tropical region. It lies between latitudes 70\u0026deg;151\u0026prime; and 80\u0026deg;51\u0026prime; north of the Equator and longitudes 40\u0026deg;51\u0026prime; and 50\u0026deg;451\u0026prime; east of the Greenwich meridian. With a total land area of 5887.890 square kilometers, it is bordered to the east and south by Ondo State and lies south of Kwara and Kogi State, east of Osun State. There are sixteen Local Government Councils in Ekiti State. The population of Ekiti State was 1,647,822 according to the 1991 Census, and it was estimated to be 1,750,000 when it was established on October 1st, 1996, with Ado-Ekiti serving as the capital. The 2006 population census by the National Population Commission put the population of Ekiti State at 2,384,212 people. (\u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.ekitistate.gov.ng/\u003c/span\u003e\u003cspan address=\"https://www.ekitistate.gov.ng/\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e)\u003c/p\u003e \u003cp\u003eMainly an upland zone rising over 250 metres above sea level, Ekiti has a rhythmically undulating surface. The landscape consists of ancient plains broken by steep-sided outcropping dome rocks. These rocks may occur singularly or in groups or ridges and the most notable of these are to be found in Efon-Alaaye, Ikere-Ekiti and Okemesi-Ekiti.\u003c/p\u003e \u003cp\u003eAn important feature of the state is the large number of hills it possesses, which are often the site of towns in which much of the population resides. In fact, the word \u0026lsquo;Ekiti\u0026rsquo; was derived from the local term for hill. Ekiti located in the southwestern part of Nigeria has its vegetation consisting of the dry lowland rainforest and the derived savanna.\u003c/p\u003e \u003cp\u003eTherefore, the vegetation of the state makes it a suitable for the cultivation of several cash and food crops. Agriculture is the main occupation of the people of Ekiti, and it is the major source\u003c/p\u003e \u003cp\u003eof income for many in the state. Agriculture provides income and employment for more than 75% of the population of Ekiti State.\u003c/p\u003e \u003cp\u003eSome of Ekiti\u0026rsquo;s agricultural produce are: Cash crops such as Cocoa, Oil Palm, Kolanut, Plantain, Bananas, Cashew, Citrus and Timber; Arable /Food Crops such as Rice, Yam, Cassava, Maize and cowpea.\u003c/p\u003e\u003cp\u003eThree Local government and seven community area were chosen for this study, these are\u003c/p\u003e \u003cp\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eIrepodun/ifelodun local government, Araromi Obo, Igbemo, Afao, Are, Iworoko\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eAdo-local government, Awedele, Okesa, Bisi, Adebayo, Bashiri\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eMoba local government, Ijan, Iluomoba, Aisegba, Agbado, Imesis\u003c/p\u003e \u003c/li\u003e \u003c/ul\u003e \u003c/p\u003e \u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003eSAMPLING PROCEDURE\u003c/h2\u003e \u003cp\u003eThe households in Ekiti State that cultivate palm oil were the study's target population. To create the sample for this study, a three-stage multi-random sampling technique was employed. Three local governments-Irepodun Ifelodun, Ado local, and Moba local government-were purposefully chosen in the first step. This was carried out since their primary agricultural activity is the production of palm oil. Four communities were chosen at random for the second phase. Thirdly, out of the 120 respondents, 10 farming households were chosen at random from each community.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec4\" class=\"Section2\"\u003e \u003ch2\u003eSAMPLING TECHNIQUES AND SAMPLE SIZE\u003c/h2\u003e \u003cdiv id=\"Sec5\" class=\"Section3\"\u003e \u003ch2\u003eSources of data\u003c/h2\u003e \u003cp\u003eTwo sources provided the information for this study. The two types of data: primary and secondary. The primary data was gathered via the use of a questionnaire to obtain details about the means of transportation, the source of funding, price fluctuations, factors influencing the price of palm oil, the relationships between processors and buyers, and so on. Data was obtained from wholesalers of palm oil chosen at random. Out of the one hundred and twenty questionnaires, one hundred and ten questionnaires were considered valuable and examined. Secondary time series data is the price variation of palm oil of the whole Nigeria collected from Bureau of Statistics on the average monthly retail price of palm oil while primary data was collected in Ekiti State.\u003c/p\u003e \u003c/div\u003e \u003c/div\u003e \u003cdiv id=\"Sec6\" class=\"Section2\"\u003e \u003ch2\u003eAnalytical techniques\u003c/h2\u003e \u003cp\u003eThe data analysis that was used for this study include\u003c/p\u003e \u003cp\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eDescriptive statistics is used to describe the relationship of processors to certain types of buyers to determine price at time of the season\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eTime series decomposition is used to describe the seasonal price variation in the study area\u003c/p\u003e \u003c/li\u003e \u003cli\u003e \u003cp\u003eMultiple regression model is used to determine the factors affecting the price of palm oil.\u003c/p\u003e \u003c/li\u003e \u003c/ul\u003e \u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec7\" class=\"Section2\"\u003e \u003ch2\u003eDescriptive statistics\u003c/h2\u003e \u003cp\u003eIn order to facilitate easy analysis, the data used for this study was first subjected to descriptive statistics to describe how processors relate to one another and to specific types of buyers in order to determine price at the time of the season. Averages, numbers, tables, graphs, and index numbers were among the descriptive statistics used to characterize the seasonal price pattern and price increase of palm oil in the study area.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003eTime series decomposition\u003c/h2\u003e \u003cp\u003eAn analytical technique called time series decomposition was employed to explain the behavior of price variation in the palm oil study area over time..\u003c/p\u003e \u003cp\u003e \u003cstrong\u003eTrend variation Trend (T)\u003c/strong\u003e \u003cp\u003eIs long term price movements associated with macroeconomic factors such as general inflation and deflation of the economy and factors specific to agricultural products (Tomek and Robinson, \u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e1981\u003c/span\u003e; Somboonsuke et al., 2013). It was analyzed using simple linear regression analysis with ordinary least squares method. Issariyanukula et al., (\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e1983\u003c/span\u003e). Annual time series data of prices of palm oil during 2013 to 2022 were used as dependent variables, and time trend as independent variable. So, the equations to describe them are as follows\u003c/p\u003e \u003c/p\u003e \u003cp\u003ePPOt\u0026thinsp;=\u0026thinsp;b0\u0026thinsp;+\u0026thinsp;b1TIMt\u003c/p\u003e \u003cp\u003eWhere\u003c/p\u003e \u003cp\u003ePPOt\u0026thinsp;=\u0026thinsp;An average prices of palm oil (Naira per liter)\u003c/p\u003e \u003cp\u003eTIM\u0026thinsp;=\u0026thinsp;Time trend ( 1,2,3,\u0026hellip;\u0026hellip;\u0026hellip;.24)\u003c/p\u003e \u003cp\u003eb0\u0026thinsp;=\u0026thinsp;The coefficients for the respective variables in the function\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec9\" class=\"Section2\"\u003e \u003ch2\u003eMultiple regression\u003c/h2\u003e \u003cp\u003eA statistical technique for examining the relationship between several independent variables and one dependent variable is multiple regression analysis. This analysis can be used to assess how financial and economic conditions are affecting the palm oil industry in relation to the price of the product. It enables the identification of important variables that could impact the cost of palm oil and its production, such as fluctuations in exchange rates, the demand for biofuels, and technological advancements. consumer desire, Producers can more effectively adjust to market conditions and make well-informed decisions regarding their operations by being aware of these factors.\u003c/p\u003e \u003cp\u003eA statistical technique for examining the relationship between several independent variables and one dependent variable is multiple regression analysis. This analysis can be used to assess how financial and economic conditions are affecting the palm oil industry in relation to the price of the product. It enables the identification of important variables that could impact the cost of palm oil and its production, such as fluctuations in exchange rates, the demand for biofuels, technological advancements, and consumer desire. Producers can more effectively adjust to market conditions and make well-informed decisions regarding their operations by being aware of these factors.\u003c/p\u003e \u003cp\u003eThe model is given as:\u003c/p\u003e \u003cp\u003eY\u0026thinsp;=\u0026thinsp;f (X1, X2, X3, X4, -----------X12)\u003c/p\u003e \u003cp\u003eY\u0026thinsp;=\u0026thinsp;β0\u0026thinsp;+\u0026thinsp;βnXn + Ɛ\u003c/p\u003e \u003cp\u003eWhere;\u003c/p\u003e \u003cp\u003eY\u0026thinsp;=\u0026thinsp;Price of palm oil\u003c/p\u003e \u003cp\u003eβ0\u0026thinsp;=\u0026thinsp;Intercept (Constant term)\u003c/p\u003e \u003cp\u003eβ\u0026thinsp;=\u0026thinsp;Co-efficient of the independent variables\u003c/p\u003e \u003cp\u003en\u0026thinsp;=\u0026thinsp;1, 2, 3, 4, 5, 6, \u0026hellip;, n\u003c/p\u003e \u003cp\u003eƐ = Error term\u003c/p\u003e \u003cp\u003eΒ1-β13\u0026thinsp;=\u0026thinsp;Regression coefficients\u003c/p\u003e \u003cp\u003eX1\u0026thinsp;=\u0026thinsp;Currency fluctuation\u003c/p\u003e \u003cp\u003eX2\u0026thinsp;=\u0026thinsp;How biofuel demand determine palm oil price variation\u003c/p\u003e \u003cp\u003eX3\u0026thinsp;=\u0026thinsp;Bad road\u003c/p\u003e \u003cp\u003eX4\u0026thinsp;=\u0026thinsp;Irregular measurement\u003c/p\u003e \u003cp\u003eX5\u0026thinsp;=\u0026thinsp;Increases in production costs\u003c/p\u003e \u003cp\u003eX6\u0026thinsp;=\u0026thinsp;Weather Conditions\u003c/p\u003e \u003cp\u003eX7\u0026thinsp;=\u0026thinsp;Government Policies\u003c/p\u003e \u003cp\u003eX8\u0026thinsp;=\u0026thinsp;Economic conditions\u003c/p\u003e \u003cp\u003eX9\u0026thinsp;=\u0026thinsp;Technological advancements\u003c/p\u003e \u003cp\u003eX10\u0026thinsp;=\u0026thinsp;alternative on price\u003c/p\u003e \u003cp\u003eX11\u0026thinsp;=\u0026thinsp;cultural practices\u003c/p\u003e \u003cp\u003eX12\u0026thinsp;=\u0026thinsp;seasonality\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec10\" class=\"Section2\"\u003e \u003ch2\u003eLIMITATION OF THE STUDY\u003c/h2\u003e \u003cp\u003eA significant obstacle encountered during the investigation was the wholesaler's inadequate record-keeping. Since memory recall was the main source of information from the wholesales, estimates of the input used, yield realized, cost price, and selling price may include margins of error.\u003c/p\u003e \u003cp\u003eThe most significant factor is the commodity's (palm oil) price volatility, which may be influenced by seasonal factors (off-season period). Additionally, the respondents exhibited a lack of willingness and a negative attitude when it came to providing the study with the information it needed, particularly when it came to the price of their commodities..\u003c/p\u003e \u003c/div\u003e"},{"header":"RESULTS AND DISCUSSION","content":"\u003cp\u003eThe data findings and discussions regarding the seasonal price variation analysis of palm oil are presented in this section. This contains a thorough explanation of the seasonal price fluctuations in the research region, as well as the variables influencing palm oil prices and the relationships amongst processors.\u003c/p\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003eFREQUENCY DISTRIBUTION TABLES OF THE SOCIO-ECONOMIC CHARACTERISTICS\u003c/h2\u003e \u003cp\u003eThe respondents' socioeconomic characteristics are displayed in Table\u0026nbsp;\u003cspan refid=\"Tab1\" class=\"InternalRef\"\u003e1\u003c/span\u003e. According to the age group, there are 8.33% of respondents under 30 years, 30% of people between 31 years and 40 years, 21.67% of respondents between 41 years and 50 years, 20.83% of respondents between 51 years and 60 years, and 19.17% of people over 60 years. This shows that the majority of palm oil users are energetic, young people who can complete the tasks quickly. A worthwhile project, according to a study that looks into young people's interaction with palm oil. This study evaluated the youths' participation in the processing of oil palm fruit (Ayinde et al., \u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e2021\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eThe breakdown of years of marketing experience shows that those with less than five years are 40%, those with six to ten years are 44.17%, those with eleven to fifteen years are 10%, those with sixteen to twenty years are 1.67%, and those with more than twenty years are 4.17%. This suggests that the majority of responders have more expertise in the palm oil industry, which aids in their effective use of capital. This backs up a study that was carried out in light of oil marketing expertise and a knowledge gap regarding the ROI of marketing palm oil as a means of sustaining livelihoods (Obasi and Kalu, \u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e2015\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eAccording to the respondents' gender, there are 17.50% more women than men (82.50%). As a result, women produce and trade the majority of palm oil. According to the respondents' marital status, there are 4.17% of singles, 83.33% of married respondents, 8.33% of divorced respondents and 4.17% of widowed respondents. This demonstrates that most farmers are married, and family members who process palm oil can provide a steady labor force, particularly for small- to medium-sized palm oil operations. This can lower labor expenses and produce a workforce that is committed.\u003c/p\u003e \u003cp\u003eIn terms of education, the percentages are as follows: 2.50% have never attended formal school; 19.17% have studied the Quran; 64.17% have completed primary school; 12.50% have completed secondary school; and 1.67% have completed tertiary education. It's evident that most farmers possess reading and writing skills. This enhances knowledge of the palm oil industry's worldwide trends and the market. Thus, having an oil palm plantation was not restricted by one's level of education, despite the fact that access to information was a key factor in better managing the plantation. It was found that the respondents' primary source of income is palm oil, with 24.17% reporting that they trade part-time and 75.83% reporting that they trade full-time. The sources of palm oil purchases are as follows: 1.87% and 0.83% come from other sources, while 5.83%, 35.83%, and 0.83% come from own farms and farm gates, respectively. Purchasing palm oil from the local market can frequently be more affordable because it involves fewer logistics and transportation costs. This can be crucial for companies trying to cut expenses on overhead.\u003c/p\u003e \u003cp\u003eOf the total financing sources, 50.83% come from personal savings, 2.50% come from bank loans, 5% come from friends and family, 30% come from money lenders with no financing from Esusu, and 11.67% come from cooperatives. A sizable percentage of palm oil entrepreneurs and businesses rely on their own personal funds to launch, run, or grow their operations, as evidenced by the statistic that 50.83% of palm oil businesses are financed through their owners' personal savings. There are benefits to this method of business financing that come with no interest. When analyzing the methods used to get palm oil to market, 29.17% use trucks, 67.50% use taxis, 1.67% use personal vehicles, and 1.67% use head portages. It is evident that the majority of respondents use taxis, which offer them the most convenient mode of transportation. Respondents' sales to whom they sell indicate that 2.50% sell to retailers, 21.67% sell to consumers, and 75.83% sell to both. Diversifying a farmer's revenue streams is achieved by selling to both retailers and consumers. This can increase revenue stability and lessen the company's reliance on a particular market niche, strengthening its ability to withstand changes in the market. The table also demonstrates that all responders\u0026mdash;100% of them\u0026mdash;affirmed that the dry season had the highest prices. This demonstrates how the price of palm varies with the season. It is evident that 27.50% of the participants are members of a palm oil association, whereas 72.50% do not belong to any such organization. This demonstrates the majority of respondents' lack of interest in affiliation.\u003c/p\u003e \u003cp\u003eThis demonstrates that although 1.67% of respondents receive these benefits from the association, 98.33% of respondents do not receive association support or promotion of sustainable palm oil production practices. As a result, the respondent does not benefit from the majority of the associations.\u003c/p\u003e \u003cp\u003eWhen it comes to information and assistance regarding palm oil, only 5% of people have access to extension workers, whereas 95% do not. This showed that, as a result of extension workers' poor information, the majority of farmers are unaware of innovations. Five percent attested to the frequency of extension workers' visits, while ninety-five percent said they only happened when certain problems arose. It reveals that respondents see extension workers in an emergency situation and not very often otherwise.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab1\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 1\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eshows the Frequency Distribution tables of the Socio-economic characteristics\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAge group\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFreq.\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePercent\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u0026lt;\u0026thinsp;30\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e10\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e8.33\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e31\u0026ndash;40\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e36\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e30.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e41\u0026ndash;50\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e26\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e21.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e51\u0026ndash;60\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e25\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e20.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAbove 60\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e23\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e19.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eYear of marketing\u003c/b\u003e\u003c/p\u003e \u003cp\u003e\u003cb\u003eexperience\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u0026lt;=5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e48\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e40.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e6\u0026ndash;10\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e53\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e44.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e11\u0026ndash;15\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e12\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e10.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e16\u0026ndash;20\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eAbove 20\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e4.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eGender of the respondents\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMale\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e21\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e17.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFemale\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e99\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e82.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eMarital\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSingle\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e4.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMarried\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e83.33\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDivorce\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e10\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e8.33\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eWidowed\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e4.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eEducation\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo education\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e2.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eQuaranic\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e23\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e19.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePrimary\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e77\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e64.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSecondary\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e15\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e12.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTertiary\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003ePart-time trader\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e29\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e24.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e91\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e75.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eSource of buying\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eOwn farm\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e7\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e5.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eFarm gate\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e43\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e35.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCooperative farm\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e1\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e0.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eOthers\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e53\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e44.16\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eSource of finance\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePersonal savings\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e61\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e50.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBank loan\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e2.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eRelatives and friends\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e5.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eMoney lender\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e36\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e30.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eOthers\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e14\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e11.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eTransportation means\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eHead portage\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003etruck\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e35\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e29.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTaxi\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e81\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e67.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePersonal vehicle\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eCustomers\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eRetailers\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e3\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e2.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eConsumers\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e26\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e21.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eboth\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e91\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e75.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eHighest price period\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eDry season\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eCooperative memberships\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e33\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e27.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e87\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e72.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eAssociation Support\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e118\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e98.33\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eAccess to extension workers\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e5.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e114\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e95.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eExtent of Extension workers visitation\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eRegular basis\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e6\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e5.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eWhen issues arise\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e114\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e95.00\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eTotal\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e120\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e \u003cp\u003e100\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"3\"\u003eSource: field survey 2023\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003e \u003cb\u003eRELATIONSHIP OF PROCESSORS TO CERTAIN TYPES OF BUYERS TO DETERMINE PRICE AT TIME OF THE SEASON\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe question regarding the relationship between buyers and processors is addressed in this segment. Specialized palm oil derivatives or tailored solutions to meet the needs of particular customers are enjoyed by over 95.83% of respondents, whereas only 4.17% do not. Producing unique palm oil derivatives enables manufacturers to differentiate themselves in the marketplace. In highly competitive industries, this differentiation can play a pivotal role in drawing in customers who are in search of customized or unique solutions, and long-term connections. Companies that can meet their clients' needs exactly can win partnerships and long-term contracts. Customization frequently necessitates extra manufacturing processes or specialist processing tools, which raises the cost of production. For instance, it might take more time, labor, or specialized equipment to produce palm oil derivatives with particular traits or qualities. As a result, the price of palm oil changes over time. Just 3.33% of sellers interact with customers to learn about their unique needs and preferences, compared to 96.667% who do not. Missed opportunities to enhance sustainability practices and address social and environmental issues can arise from not interacting with them. This is in line with the research done by Huang and Sarig\u0026ouml;ll\u0026uuml; (\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2012\u003c/span\u003e). This study investigates the relationship between market outcome and brand awareness.\u003c/p\u003e \u003cp\u003ePrecise measurements are taken by about 98.33% of the respondents, which would guarantee the steady quality of products made from palm oil. In order to fulfill client expectations and industry standards, this is crucial. Accurate measurements can spot differences in quality, enabling manufacturers to make the necessary corrections. While 1.67% take minimal steps, this percentage takes significant steps to guarantee the sustainability of your palm oil production and processing methods. It is noted that 82.5% of respondents have contracts in place with buyers to obtain loans for production; these loans will facilitate a seamless and uninterrupted production flow. In contrast, 17.5% of respondents do not have such contracts in place. The majority of respondents (82.5%) got credit from clients prior to the production of palm oil, whereas just 17.5% did not receive credit from clients before the production of palm oil. This suggests that palm traders have access to customer microcredit.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab2\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 2\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eRelationship Of Processor To Certain Types Of Buyers To Determine Price At Time Of The Season\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"3\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eItem\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eFrequency\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003ePercentage\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBuyers requirements\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e115\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e95.83\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e5\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e4.17\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eProducer effort\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eStrong \u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e4\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e3.33\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLittle\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e116\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e96.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eMeasures taken\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eStrong\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e118\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e98.33\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eLittle\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e1.67\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eContracting with buyers\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e99\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e82.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eNo\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e21\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e17.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eCredit from customers\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"left\" colname=\"c2\"\u003e\u0026nbsp;\u003c/td\u003e \u003ctd align=\"left\" colname=\"c3\"\u003e\u0026nbsp;\u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eYes\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e99\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e82.50\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e\u003cb\u003eTotal\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e\u003cb\u003e120\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e\u003cb\u003e100.00\u003c/b\u003e\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"3\"\u003eSource: field survey 2023\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003cp\u003eThe graphical depiction of palm oil prices in liters from January 2016 to December 2022 is shown in Fig.\u0026nbsp;1. The price of palm oil was over 300 naira per litre in January 2016 and stayed that way until January 2017, when it increased to 500 naira. The price fluctuated until January 2021, at which point it increased dramatically to 1,200 naira in September 2022. This suggests that the price of palm oil fluctuates during the year. This aligns with research conducted by Omosehin et al. (\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2022\u003c/span\u003e). According to long-term estimates, there was a slight but positive correlation between palm oil prices and the well-being of palm oil producers. The short-term projections indicate that the price of palm oil and the exchange rate have negative and noteworthy impacts on the well-being of palm oil producers, whereas the inflation rate has a positive and noteworthy influence on welfare.\u003c/p\u003e \u003cdiv id=\"Sec14\" class=\"Section3\"\u003e \u003ch2\u003eFactors affecting the price of palm oil\u003c/h2\u003e \u003cp\u003eThe Multiple Regression Analysis was used to examine the factors influencing the price of palm in the research area. The price of palm oil in the study area is influenced by only five variables, as indicated in the Table \u003cspan refid=\"Tab3\" class=\"InternalRef\"\u003e3\u003c/span\u003e below: \"Biofuel demand, Increase in production, Government policy, Economic condition, and seasonality of palm oil.\" The remaining variables did not exhibit statistical significance.\u003c/p\u003e \u003cp\u003eThe independent variable in the model appears to explain roughly 51.9% of the variation in the independent variable, according to the R square value of 0.519.\u003c/p\u003e \u003cp\u003eThe demand for biofuel was statistically significant at 5%, meaning that a unit increase in biofuel demand corresponds to a 3.87 unit increase in palm oil prices. This is in line with research by Koh and Ghazoul (\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e2010\u003c/span\u003e), which explains the advantageous effects of producing biofuels derived from palm oil. As a result, there is a greater need for palm oil as a feedstock, which could have a positive economic impact on palm oil producers. In areas that produce palm oil, this increased demand may boost rural economies.\u003c/p\u003e \u003cp\u003eThe price of palm oil will rise by 4.0 units for every unit increase in production. indicates that a 5% statistically significant positive impact on palm oil prices can be attributed to increases in production. The price of palm oil is largely determined by the fundamental economic concept of supply and demand. Prices for palm oil typically decline as production rises and supply outpaces demand. On the other hand, prices usually rise in response to drops in production or increases in demand.\u003c/p\u003e \u003cp\u003eOne-unit increase in the impact of government policies is associated with a -0.531 unit decrease in the price of palm oil suggests that government policies have a 5% statistically significant negative impact on palm oil prices. The implies that policy made by government, like the land act where most of the farmers are not duly compensated.\u003c/p\u003e \u003cp\u003eIncrease in economic conditions is associated with a -0.785 unit decrease in the price of palm oil. 0.075 is somewhat close to the typical significance at 10%, suggesting that economic conditions may have a borderline statistically significant negative impact on palm oil prices. This implies that a stable economic without inflation will stabilize the price of palm oil.\u003c/p\u003e \u003cp\u003eIt has been noted that a rise in the seasonality of palm oil products is linked to a -0.278 unit drop in palm oil prices. indicates that the statistical significance of the negative impact of seasonality on palm oil prices is 5%. which demonstrates how palm's seasonality affects price variations.\u003c/p\u003e \u003cp\u003e \u003cdiv class=\"gridtable\"\u003e\u003ctable float=\"Yes\" id=\"Tab3\" border=\"1\"\u003e \u003ccaption language=\"En\"\u003e \u003cdiv class=\"CaptionNumber\"\u003eTable 3\u003c/div\u003e \u003cdiv class=\"CaptionContent\"\u003e \u003cp\u003eFactors affecting palm oil price\u003c/p\u003e \u003c/div\u003e \u003c/caption\u003e \u003ccolgroup cols=\"4\"\u003e \u003cdiv align=\"left\" class=\"colspec\" colname=\"c1\" colnum=\"1\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c2\" colnum=\"2\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c3\" colnum=\"3\"\u003e\u003c/div\u003e \u003cdiv align=\"char\" char=\".\" class=\"colspec\" colname=\"c4\" colnum=\"4\"\u003e\u003c/div\u003e \u003cthead\u003e \u003ctr\u003e \u003cth align=\"left\" colname=\"c1\"\u003e \u003cp\u003ePrice of Palm oil\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c2\"\u003e \u003cp\u003eCoef.\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c3\"\u003e \u003cp\u003et\u003c/p\u003e \u003c/th\u003e \u003cth align=\"left\" colname=\"c4\"\u003e \u003cp\u003eP\u0026gt;|t|\u003c/p\u003e \u003c/th\u003e \u003c/tr\u003e \u003c/thead\u003e \u003ctbody\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCurrency fluctuation\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.924\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.26\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.796\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBiofuel demand\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e3.868**\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e2.21\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.029\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eBad road on price\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e-4.582\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e-0.70\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.484\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eIrregular measurement\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e7.960\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e1.39\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.166\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eIncreases in production\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e4.000**\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e2.18\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.032\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eWeather Conditions\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e2.508\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.79\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.432\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eGovernment Policies\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e-0.531**\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e2.33\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.022\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eEconomic conditions\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e-0.785*\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e-1.80\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.075\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eEffect of palm oil alternatives\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e1.570\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.68\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.498\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eCultural practices\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e0.587\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e0.14\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.888\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003eSeasonality of palm oil product\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e-0.278**\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e-2.19\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.030\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003ctr\u003e \u003ctd align=\"left\" colname=\"c1\"\u003e \u003cp\u003e_cons |\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c2\"\u003e \u003cp\u003e1 .884\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c3\"\u003e \u003cp\u003e11.97\u003c/p\u003e \u003c/td\u003e \u003ctd align=\"char\" char=\".\" colname=\"c4\"\u003e \u003cp\u003e0.000\u003c/p\u003e \u003c/td\u003e \u003c/tr\u003e \u003c/tbody\u003e \u003c/colgroup\u003e \u003ctfoot\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003eSource: field survey 2023\u003c/td\u003e\u003c/tr\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003eNumber of obs\u0026thinsp;=\u0026thinsp;119\u003c/td\u003e\u003c/tr\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003eF(11, 107)\u0026thinsp;=\u0026thinsp;21.31 Prob\u0026thinsp;\u0026gt;\u0026thinsp;F\u0026thinsp;=\u0026thinsp;0.0000 R-squared\u0026thinsp;=\u0026thinsp;0.5189\u003c/td\u003e\u003c/tr\u003e \u003ctr\u003e\u003ctd colspan=\"4\"\u003eAdj R-squared\u0026thinsp;=\u0026thinsp;0.4984 Root MSE\u0026thinsp;=\u0026thinsp;13.186\u003c/td\u003e\u003c/tr\u003e \u003c/tfoot\u003e \u003c/table\u003e\u003c/div\u003e \u003c/p\u003e \u003c/div\u003e \u003c/div\u003e"},{"header":"CONCLUSIONS","content":"\u003cp\u003eThe study found that traders and processors play significant roles in the palm oil system. The results of this study aides in the development of effective plans to increase the advantages of processing palm oil. Additionally, it would facilitate the government's and development organizations' comprehension of the palm oil industry's workings, including how pricing and fruit availability are determined. This will bolster the advocacy for improved institutional and policy frameworks, which are necessary to ensure the palm oil industry's sustainability and profitability. Thus, the research on the seasonal price variation analysis of palm oil has produced a number of recommendations, one of which is the establishment of a suitable transportation infrastructure. According to the study, the government should set up a suitable transportation network to support traders and processors, increasing productivity and efficiency. According to the study, trainings from the various value chains should be held to help people understand their roles and how to increase output. To increase local farmers' productivity, the study strongly advises palm oil producers to work with other groups, non-governmental organizations, and agricultural agencies both inside and outside the nation. Grants, loans, and credit facilities: A variety of reasonably priced credit options ought to be made available. infrastructure and contemporary technologies are made available to farmers and processors. For palm oil producers and traders to maximize profits and effectively manage risks, they must anticipate shifts in supply and demand.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n\u003cli\u003eAmanor-Boadu, V. (2003). A conversation about value-added agriculture. Value-Added Business Development Program. Department of Agricultural Economics. Kansas State University.\u003c/li\u003e\n\u003cli\u003eAnderson, D. P., Hanselka, D., (2013). Risk Management: Adding Value to Agricultural Products. \u003cem\u003eAgriLife Extension Texas A\u0026amp;M System, \u003c/em\u003epp. 1-3.\u003c/li\u003e\n\u003cli\u003eAyinde, J. O., Famakinwa, M., Akeredolu, B. O. (2021). Youths\u0026rsquo; involvement in oil palm (\u003cem\u003eElaeis Guineensis\u003c/em\u003e) fruit processing activities.\u003c/li\u003e\n\u003cli\u003eBassey, O. I. (2016). Overview of oil palm production in Nigeria, comparative social and environmental impacts; the case of Ekong Anaku Community in Cross River State Nigeria. \u003cem\u003eInstitute of social science, Erasmus University of Rotterdam, the Hague Netherlands\u003c/em\u003e, \u003cem\u003e3\u003c/em\u003e(15), 1-10.\u003c/li\u003e\n\u003cli\u003eBeveridge, A., 2009. Abia State Palm oil Value Chain Development Project, Umahia, Abia State: World Bank; Nigerian Investment Promotions Commission. \u003c/li\u003e\n\u003cli\u003eCucagna, M. E., Goldsmith, P. D. (2018). Value adding in the agri-food value chain. \u003cem\u003eInternational food and agribusiness management review\u003c/em\u003e, \u003cem\u003e21\u003c/em\u003e(3), 293-316.\u003c/li\u003e\n\u003cli\u003eEkpe, E. K. (2013). A review of economic instruments employed for biodiversity conservation. Consilience, (9), 16-32.\u003c/li\u003e\n\u003cli\u003eGharleghi, B., Chan, B. Y. F. (2013). The economic importance of crude palm oil in Nigeria. \u003cem\u003eInternational Journal of Management Sciences and Business Research\u003c/em\u003e.\u003c/li\u003e\n\u003cli\u003eHuang, R., Sarig\u0026ouml;ll\u0026uuml;, E. (2012). How brand awareness relates to market outcome, brand equity, and the marketing mix. Journal of Business Research, 65(1), 92-99.\u003c/li\u003e\n\u003cli\u003eIsa, M. A., Baharim, A. T., Mohamed, S., Noh, M. K. A., Nasrul, F., Ibrahim, W. M., Hassan, S. S. (2020). Crude palm oil price fluctuation in Malaysia. \u003cem\u003eInternational Journal of Academic Research in Business and Social Sciences\u003c/em\u003e, \u003cem\u003e10\u003c/em\u003e(5), 879-892.\u003c/li\u003e\n\u003cli\u003eIssariyanukula, A., Kaoian, S., \u0026amp; Boonma, C. (1983). Economics of production and marketing of selected vegetables.\u003c/li\u003e\n\u003cli\u003eKoh, L. P., Ghazoul, J. (2010). Biofuels, biodiversity, and people: Understanding the conflicts and finding opportunities. Biological Conservation, 143(4), 1045-1056.\u003c/li\u003e\n\u003cli\u003eNkongho, R. N., Feintrenie, L., Levang, P. (2014). Strengths and weaknesses of the smallholder oil palm sector in Cameroon.\u003c/li\u003e\n\u003cli\u003eObasi, I. O., Kalu, M. (2015). Profitability and efficiency of palm oil marketing in Arochukwu Local Government Area of Abia State, Nigeria. \u003cem\u003eResearch Journal of Agriculture and Environmental Management\u003c/em\u003e, \u003cem\u003e4\u003c/em\u003e(9), 438-444.\u003c/li\u003e\n\u003cli\u003eOmosehin, O., Oseni, J., Olutumise, A., Osabuohien, E. (2022). Palm oil price fluctuations and welfare in Nigeria. In \u003cem\u003eCOVID-19 in the African Continent: Sustainable Development and Socioeconomic Shocks\u003c/em\u003e (pp. 169-182). Emerald Publishing Limited.\u003c/li\u003e\n\u003cli\u003ePalm oil Analytics, (2017). Essential Palm oil Statistics, Singapore: Palm oil Analytics. \u003c/li\u003e\n\u003cli\u003ePhitthayaphinant, P., Somboonsuke, B., \u0026amp; Eksomtramage, T. (2013). Supply response function of oil palm in Thailand. \u003cem\u003eJournal of Agricultural Technology\u003c/em\u003e, \u003cem\u003e9\u003c/em\u003e(4), 727-747.\u003c/li\u003e\n\u003cli\u003eRitchie, H., Roser, M. (2021). Forests and deforestation. \u003cem\u003eOur world in data\u003c/em\u003ehttps://ourworldindata.org/palm-oil\u003c/li\u003e\n\u003cli\u003eSarku, R., (2014). Contribution of Value Addition in Agriculture to Development: Case of the Oil Palm Industry in Kwaebibirem District, Ghana: Thesis submitted to the University of Ghana, Legon in Partial fulfillment of the requirement for the award of MPhil Geography Degree.\u003c/li\u003e\n\u003cli\u003eSarku, R. (2017). Palm kernel processing for income and employment in the kwaebibirem district, Ghana. \u003cem\u003eAsian Journal of Agricultural Extension, Economics \u0026amp; Sociology\u003c/em\u003e, \u003cem\u003e16\u003c/em\u003e(2), 1-14.\u003c/li\u003e\n\u003cli\u003eStatista, (2017). Agriculture: Leading Producers of Palm oil Worldwide from 2017/2018 (in 1,000 metric tons). \u003cem\u003eExclusive Premium Statistics\u003c/em\u003e, s.1.: Statista.\u003c/li\u003e\n\u003cli\u003eTomek, W. G., Robinson, K. L. (1981). \u003cem\u003eAgricultural product prices [USA]\u003c/em\u003e. Cornell University Press.\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":false,"highlight":"","institution":"University of Ilorin","isAcceptedByJournal":true,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Biofuel, Palm oil, Price, Processing, Variation","lastPublishedDoi":"10.21203/rs.3.rs-3805594/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-3805594/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eIn order to determine price at the appropriate time of the season, the study looked at the seasonal price variation analysis of palm oil and the relationship between processors and specific buyer types. This was done by understanding buyer requirements, producer effort, measurements taken, and contracting with buyers credit from customers. A multiphase sampling strategy was used. Organized interviews and questionnaires were utilized to collect primary data, while the National Bureau of Statistics provided secondary time series data on the average monthly retail price of palm oil from 2016 to 2022. Among the analysis techniques employed are multiple regression models, descriptive statistics, and time series decomposition. The findings showed that women made up the majority of producers. The majority of respondents stated that growing palm oil was their main source of income, indicating a variety of revenue streams. Over half of the participants derived their funding from their savings. The monthly seasonal price increase of palm oil in Naira per liter was obtained by regressing the price difference at time t (Pt) against trend (T). The need for biofuel, production growth, governmental regulations, market dynamics, and the seasonality of palm oil products are then identified by the study as important factors influencing palm oil prices. Therefore, it is advised that in order to maximize the benefits that farmers receive from processing their palm oil, producers and dealers should be aware of seasonal price variations. This will help them make well-informed decisions about when to buy and sell the product.\u003c/p\u003e","manuscriptTitle":"Seasonal Price Variation Analysis of Palm oil: Case Study of Nigeria (2016-2022)","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2023-12-28 12:10:17","doi":"10.21203/rs.3.rs-3805594/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"b21b2b03-686c-4de3-9887-784db28811d1","owner":[],"postedDate":"December 28th, 2023","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"published-in-journal","subjectAreas":[{"id":27768789,"name":"Agricultural Economics \u0026 Policy"},{"id":27768790,"name":"Food Science \u0026 Technology"}],"tags":[],"updatedAt":"2024-10-31T13:56:02+00:00","versionOfRecord":{"articleIdentity":"rs-3805594","link":"https://doi.org/10.1007/s44187-024-00197-2","journal":{"identity":"discover-food","isVorOnly":false,"title":"Discover Food"},"publishedOn":"2024-10-24 00:00:00","publishedOnDateReadable":"October 24th, 2024"},"versionCreatedAt":"2023-12-28 12:10:17","video":"","vorDoi":"10.1007/s44187-024-00197-2","vorDoiUrl":"https://doi.org/10.1007/s44187-024-00197-2","workflowStages":[]},"version":"v1","identity":"rs-3805594","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-3805594","identity":"rs-3805594","version":["v1"]},"buildId":"7rjqhiLT3MXkJMwkYKINL","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}