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The Future of Smallholder Farming in Eastern Africa - Uganda ...

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Table 5.12: Regression results <strong>of</strong> the determ<strong>in</strong>ants <strong>of</strong> maize price<br />

Dependent variable logarithm<br />

<strong>of</strong> wholesale price <strong>of</strong> maize<br />

Coef. Std.<br />

error<br />

t P > |t| 95% conf.<br />

<strong>in</strong>terval<br />

Log <strong>of</strong> the average open<strong>in</strong>g price 0.956 0.037 25.690 0.000 0.88<br />

3<br />

Log <strong>of</strong> the clos<strong>in</strong>g price <strong>of</strong> the previous day 0.056 0.037 1.496 0.137 -<br />

0.01<br />

8<br />

Dummy for pay period -0.003 0.003 -0.924 0.357 -<br />

0.00<br />

9<br />

Dummy for holiday -0.002 0.004 -0.426 0.671 -<br />

0.01<br />

0<br />

Constant -0.050 0.018 -2.760 0.007 -<br />

0.08<br />

6<br />

Heteroskedastic-consistent standard errors<br />

Number <strong>of</strong><br />

observations =<br />

122<br />

Observationadjusted<br />

R2 =<br />

0.99<br />

Prob > F =<br />

0.000<br />

1.030<br />

0.129<br />

0.003<br />

0.006<br />

-0.014<br />

6. LARGE-SCALE OPERATORS<br />

6.1. Wholesalers<br />

<strong>The</strong> survey at the central market has shown that specialized wholesale operators are not a<br />

major part <strong>of</strong> the trad<strong>in</strong>g system. We made attempts, however, to contact gra<strong>in</strong> wholesalers<br />

operat<strong>in</strong>g outside the central gra<strong>in</strong> market. A total <strong>of</strong> five companies, namely Hawas Agri-<br />

Bus<strong>in</strong>ess Plc., Ambassel Trad<strong>in</strong>g House, Ethiopian Gra<strong>in</strong> Trad<strong>in</strong>g Enterprise (EGTE, a<br />

parastatal formerly known as the Agricultural Market<strong>in</strong>g Corporation), Ethiopian<br />

Amalgamated Ltd., and Guna Trad<strong>in</strong>g House Share Company, were approached to provide<br />

<strong>in</strong>formation about their operations.<br />

Storage facilities and capacities vary significantly between the different companies. <strong>The</strong><br />

EGTE has the largest storage capacity and is the major provider <strong>of</strong> storage services <strong>in</strong> the<br />

country, whereas Ambassel has no storage <strong>of</strong> its own (Table 6.1).

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