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Dermot Hayes

Title: Pioneer Hi-Bred International Agribusiness Chair / Professor
Department: Finance
Office: 3375 Gerdin

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Dermot Hayes is a Charles F. Curtiss Distinguished Professor in Agriculture and Life Sciences at Iowa State University. He holds the Pioneer Hi-Bred International Chair in Agribusiness, he is a professor of economics, and a professor of finance. In 2006 he received a “Publication of Enduring Quality” award from the Agricultural and Applied Economics Association. AAEA named him a Fellow in 2007, its highest recognition for distinction in the discipline. Besides his analysis of U.S. farm policy and international agricultural trade, his other research interests include crop insurance, financial derivatives and the potential impact of China on commodity markets. Since 1995 he has been a consulting trade economist for the National Pork Producers Association.


  • Agricultural Markets and Trade
  • Agribusiness
  • Insurance
  • Options

Selected Publications

  • He, X., Carriquiry, M., Elobeid, A., Hayes, D., & Zhang, W. (forthcoming) "Impacts of the Russian-Ukraine Conflict on Global Agriculture Commodity Prices, Trade, and Cropland", Choices, 38 (2):10-17. Link to Paper
  • Dermot, H., Keri, J., Lee, S., & John, C. (2023) "Resilience of US Cattle and Beef Sectors: Lessons from COVID-19", Journal of Agricultural and Food Industrial Organization, 21 (1):53-67. Link to Paper
  • He, X., Carriquiry, M., Elobeid, A., Hayes, D., Li, M., & Zhang, W. (2022) "China's corn and biofuel policies and agricultural trade: Projections from an international agricultural commodity market model", Agribusiness, 38 (4):970-989. Link to Paper
  • Li, Z., & Hayes, D. J. (2022) "“The hedging pressure hypothesis and the risk premium in the soybean reverse crush spread”", Journal of Futures Markets, 42 (3):428-445. Link to Paper
  • Elobeid, A., Carriquiry, M., Dumortier, J., Swenson, D., & J Hayes, D. (2021) "China-U.S. trade dispute and its impact on global agricultural markets, the U.S. economy, and greenhouse gas emissions", Journal of Agricultural Economics, 72 (3):647-672. Link to Paper
  • Xi, W., Hayes, D., & Lence, S. H. (2019) "Variance risk premia for agricultural commodities", Agricultural Finance Review, Link to Paper
  • Jacobs, K. L., Li, Z., & Hayes, D. J. (2018) "Reference-Dependent Hedging: Theory and Evidence from Iowa Corn Producers", American Journal of Agricultural Economics, Link to Paper
  • Dumortier, J., Kauffman, N., & Hayes, D. J. (2017) "Production and spatial distribution of switchgrass and miscanthus in the United States under uncertainty and sunk cost", Energy Economics, 67:300-314. Link to Paper
  • Chao Li, Dermot J Hayes (2017) "Price Discovery on the International Soybean Futures Markets: A Threshold Co‐Integration Approach", Journal of Futures Markets, 37 (1):52=70. Link to Paper
  • Xiaoguang Feng, Dermot Hayes, (2016) "Diversifying systemic risk in agriculture", Agricultural Finance Review, 76 (4):512=531. Link to Paper
  • Stephen Smith, Sergio Lence, Dermot Hayes, Julian Alston, Eloy Corona (2016) "Elements of Intellectual Property Protection in Plant Breeding and Biotechnology: Interactions and Outcomes", Crop Science, 56 (4)Link to Paper