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Raghav Goyal

Raghav Goyal Headshot
Title Assistant Professor
Department Agricultural Economics and Agribusiness
E-mail RGoyal@agcenter.lsu.edu
Address 1 101 Martin D. Woodin Hall
Baton Rouge, LA 70803
Phone 225-578-3282
Fax 225-578-2716

Raghav Goyal Google Scholar Page

Economic Analysis Articles

Assistant Professor, Department of Agricultural Economics & Agribusiness, Louisiana State University 2022 - Current

Graduate Research Assistant, University of Georgia, USA 2018-2022

Deputy Manager, The Punjab State Cooperative Milk Producers’ Federation Limited, India 2017-2018

Management Trainee, Gujarat Cooperative Milk Marketing Federation, India 2016

Management Trainee, ITC Agri-Business Division, India 2016

Management Trainee, Kutch Mahila Vikas Sangathan, Gujarat, India 2015

Senior Analyst, Roots Analysis Private Limited, Chandigarh, India 2014-2015

Ph.D., Department of Agricultural & Applied Economics, University of Georgia 2018-2022

M.S., Statistics, University of Georgia 2021-2022

Post Graduate Diploma in Rural Management, Institute of Rural Management, Anand, India 2015-2017

Bachelor of Technology in Biotechnology, Panjab University, Chandigarh, India 2010-2014

Applied Econometrics, Agricultural and Production Economics, Food and Applied Microeconomics, Agricultural Commodity Markets, Trade, Price Analysis, Forecasting, Machine Learning Applications.

Goyal, R., E. Mensah, and S. Steinbach. 2024. “The Interplay of Geopolitics and Agricultural Commodity Prices”. Forthcoming at Applied Economic Perspectives and Policy.

Goyal R., Steinbach S., Yildirim Y., Zhuang X. 2024. "U.S. Agricultural Trade Challenges Amid Climate and Geopolitical Disruptions". Choices Accessed at: https://www.choicesmagazine.org/choices-magazine/s...

M. Adjemian, Goyal, R., R. Mittelhammer, and D. Thilmany. 2024. “Measuring the Economic Contribution of Agricultural and Applied Economics Departments in the United States”. Applied Economic Perspectives and Policy. Accessed at: https://doi.org/10.1002/aepp.13454

Goyal, R., and S. Sandro. 2023. “The Black-Sea Grain Initiative and Agricultural Commodity Futures Prices.” Economics Letters 231. Accessed at: https://doi.org/10.1016/j.econlet.2023.111297

Goyal, R., M.K. Adjemian, S. Meyer, and J. Glauber. 2023. “Decomposing USDA Ending Stocks Forecast Errors.” Journal of Agriculture and Resource Economics 48(2). Accessed at: https://ageconsearch.umn.edu/record/320674

Goyal, R., and M.K. Adjemian. 2023. “Information Rigidities in USDA Production Forecasts” American Journal of Agricultural Economics 105(5). Accessed at: https://doi.org/10.1111/ajae.12373

Goyal, R., and M.K. Adjemian. 2021. “The 2019 Government Shutdown Increased Uncertainty in Major Agricultural Commodity Markets.” Food Policy. Accessed at: https://doi.org/10.1016/j.foodpol.2021.102064

  • Goyal, R., and M.K. Adjemian. “Quantifying Agricultural Supply Response to Demand Shocks in the wake of COVID-19.” Under review at AJAE, results available upon request.
  • Goyal, R., and M. A. Shovon.* “Extreme Climate Events & Agricultural Commodity Markets” Working paper, ready for submission. Under Review at Food Policy.
  • Li, Q., and R. Goyal. “Food Price Inflation Dynamics: Insights from Chinese Wholesale Markets.” Working Paper. Under review at the Canadian Journal of Agricultural Economics.
  • Goyal, R., and S. Steinbach. “Assessing the Impact of Geopolitical Risks on Food Price Inflation in Canada.” Under review at the Canadian Journal of Agricultural Economics.
  • Goyal, R., and B. Karali. “Investor Sentiments in Agricultural Commodity Markets.” Working Paper.
  • Goyal, R., and C. Sandoval.* “Resilience or Instability? Analysis of Agricultural Commodity Markets in the Wake of the Russia-Ukraine War.”
  • Goyal, R., and T. Kuethe. “Simultaneous Overreactions and Underreactions in USDA Production Forecasts.” Working Paper, results available upon request.
  • Goyal, R. “Decomposing Agricultural Yield Variability.” Working Paper.
  • Goyal, R., and C. Landry. “Shoreline valuation using contraction mapping.” Working Paper

    • USDA National Institute of Food and Agriculture (NIFA)-AFRI Grant: Economics, Markets and Trade, “PARTNERSHIP: U.S. Soybean and Corn Supply Chain Resilience: Impacts of Extreme Droughts on Production, Shipping, Trade, and Global Food Security,” 2024-2026, Co-PI, Amount awarded: $ 800,000.

    USDA National Institute of Food and Agriculture (NIFA)-AFRI Grant: Economics, Markets and Trade, “Global Implications of the Russia-Ukraine War for Agricultural Trade and Value Chains, Commodity Prices, and Cross-border Investment,” 2023-2027, Co-PI, Amount awarded: $ 800,000.

    Louisiana State University

    Instructor, AGEC 7123– Operations Research S 2023

    Instructor, AGEC 7123– Operations Research F 2023, 2024

    University of Georgia

    Instructor, AAEC 3020E – Analytical Computational Tools for Applied Economics Summer 2022

    Instructor, AAEC 3020E – Analytical Computational Tools for Applied Economics Fall 2020

    Teaching Assistant, AAEC 2580 – Applied Microeconomic Principles Fall 2019

  • 2023 Outstanding Doctoral Dissertation Award Honorable Mention, Agricultural and Applied Economics Association, United States.
  • 2023 Outstanding Dissertation Award, Southern Agricultural Economics Association, United States.
  • 2021 Rod Ziemer Outstanding Ph.D. Paper Award, Department of Agricultural and Applied Economics, The University of Georgia.

  • Goyal, R., and C. A. Sandoval*. 2024. “Resilience or Instability? Analysis of Agricultural Commodity Markets in the Wake of the Russia-Ukraine War.” Invited at the Southern Economic Association.
  • Goyal, R., E. Mensah, and S. Steinbach. 2024.” The Interplay of Geopolitics and Agricultural Commodity Prices” Annual Meeting, Agricultural and Applied Economics Association.
  • Goyal, R., and C. A. Sandoval*. 2024. “Resilience or Instability? Analysis of Agricultural Commodity Markets in the Wake of the Russia-Ukraine War.” Annual Meeting, Agricultural and Applied Economics Association.
  • M. Adjemian, Goyal, R., R. Mittelhammer, and D. Thilmany. 2024. “Measuring the Economic Contribution of Agricultural and Applied Economics Departments in the United States”. Annual Meeting, Agricultural and Applied Economics Association.
  • Goyal, R., and C. A. Sandoval*. 2024. “Resilience or Instability? Analysis of Agricultural Commodity Markets in the Wake of the Russia-Ukraine War.” NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting.
  • Goyal, R., and M.A.C. Shovon*. 2024. “Extreme Climate Events and Agricultural Commodity Markets.” NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting.
  • Goyal, R., E. Mensah, and S. Steinbach. 2024.” The Interplay of Geopolitics and Agricultural Commodity Prices” 2024 Commodity Markets Winter Workshop, Mont Tremblant, Canada.
  • Goyal, R., and M.A.C. Shovon*. 2024. “Climate Impact on USDA Forecast Errors.” 2024 Commodity Markets Winter Workshop, Mont Tremblant, Canada.
  • Goyal, R., E. Mensah, and S. Steinbach. 2023.” The Interplay of Geopolitics and Agricultural Commodity Prices” 2023 IATRC Annual Meeting, Florida.
  • Simon. S., R. Goyal, and M. Maclachlan. 2023. “Food/ Commodities Price Forecasting Symposium.” Annual Meeting, July 23-July 25, Washington D.C., Agricultural and Applied Economics Association.
  • Goyal, R., and M.A.C. Shovon*. 2023. “Climate Impact on USDA Forecast Errors.” Annual Meeting, July 23-July 25, Washington D.C., Agricultural and Applied Economics Association.
  • Goyal, R., S. Bora., Q. Li., and W. Li. 2023. “Impact of Market Sentiment around USDA Announcements on Agricultural Commodity Markets.” Annual Meeting, July 23-July 25, Washington D.C., Agricultural and Applied Economics Association.

    • 4

  • Goyal, R., and T. Kuethe. 2023. “Over-reactions and Under-reactions in USDA Production Forecasts," NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting.
  • Goyal, R., and B. Karali. 2023. “Tail Dependence between Investor Sentiments and Ag-Commodity Markets," 2022 Annual Meeting, February 4-8, Southern Agricultural Economics Association, Oklahoma.
  • Goyal, R., M.K. Adjemian, and W. Secor. 2022. " Quantifying Agricultural Supply Response to Demand Shocks," 2022 Annual Meeting, November 19-21, Southern Economic Association, Florida.
  • Goyal, R., M.K. Adjemian, and W. Secor. 2022. " Quantifying Agricultural Supply Response to Demand Shocks," 2022 Annual Meeting, July 31-August 2, Anaheim, California, Agricultural and Applied Economics Association.
  • Goyal, R., and M.K. Adjemian. 2022. " Information Rigidities in USDA Production Forecasts," 2022 Annual Meeting, July 31-August 2, Anaheim, California, Agricultural and Applied Economics Association.
  • Goyal, R., and M.K. Adjemian. 2020. "The 2019 Government Shutdown Increased Uncertainty in Major Agricultural Commodity Markets," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304256, Agricultural and Applied Economics Association.
  • Goyal, R., and M.K. Adjemian. 2022. “Information Rigidities in USDA Forecasts.” USDA Economists Group. Link: https://www.usdaeconomists.org/single-post/usda-ec...
  • Goyal, R., M.K. Adjemian, and W. Secor. 2022. “Quantifying Agricultural Supply Response to Demand Shocks.” NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting.
  • Goyal, R., and M.K. Adjemian. 2022. “Information Rigidities in USDA Forecasts.” NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting.
  • Adjemian, M.K. and R. Goyal. 2021. “Information Rigidities in USDA Forecasts.” Iowa State University seminar series. Iowa City, IA. November.
  • Goyal, R., M.K. Adjemian, S. Meyer, and J. Glauber. 2021. “Decomposing USDA Ending Stocks Forecast Errors.” NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting, 2021.
  • Goyal, R., and B. Karali. 2021. “The Role of Exchange Traded Funds in Price Discovery in Agricultural Commodity Markets.” NCCC-134 Committee on Applied Commodity Price Analysis, Forecasting, and Market Risk Management meeting, 2021.
  • Goyal, R., and M.K. Adjemian. 2020. "The 2019 Government Shutdown Increased Uncertainty in Major Agricultural Commodity Markets," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304256, Agricultural and Applied Economics Association.

  • Goyal, R., A. Mathur, A. Smith. 2024. “Methods for Evaluating and Forecasting Food Price Changes”, Workshop on Food Prices and Forecasting Sponsored by ERS (PC52), Agricultural and Applied Economics Association Conference.
  • Somogyi, S., R. Goyal, and M. Maclachlan. 2023. “Forecasting Food and Commodity Prices: Mastering Techniques, Managing Uncertainties and Communicating to Stakeholders”, Organized Symposium, Agricultural and Applied Economics Association Conference.

    • Meetings

  • Soil Health Field Day, March 2023
  • Louisiana Farm Bureau Meeting, June 2023
  • Louisiana Forestry Meeting, August 2023
  • Midsouth Soybeans Board Meeting, August 2023
  • Precision Agricultural meeting, September 2023
  • Louisiana Consultants Agricultural Association Meeting, September 2023
  • Delta State Farm Management Meeting, September 2023
  • Louisiana Soybeans Board Meeting, November 2023
  • Louisiana Rice Board Meeting, October 2023
  • Agricultural Conference, LSU AgCenter, December 2023
  • 78th Annual meeting of the Louisiana Association of Conservation Districts, January 2024
  • 2024 Pointe Coupee Farm Forum, February 2024
  • Master Farmer Program Meeting, February 2024
  • International Temperate Rice Conference, June 2024
  • Rice Field Day, Crowley, June 2024
  • Louisiana Farm Bureau Meeting, June 2024

    • Reports

  • Goyal, R., and N. Adusumilli. 2024. " Q3-2024 Raw Sugar Market Outlook: Price Predictions and Trends," Louisiana State University Agricultural Center, Staff Report No. 2024-58.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates August 2024, Issue-8," Louisiana State University Agricultural Center, Staff Report No. 2024-67.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates June 2024, Issue-6," Louisiana State University Agricultural Center, Staff Report No. 2024-50.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates May 2024, Issue-5," Louisiana State University Agricultural Center, Staff Report No. 2024-44.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates April 2024, Issue-4," Louisiana State University Agricultural Center, Staff Report No. 2043-37.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates March 2024, Issue-3," Louisiana State University Agricultural Center.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates February 2024, Issue-2," Louisiana State University Agricultural Center, Staff Report No. 2024-26.
  • Goyal, R., and N. Adusumilli. 2024. "Louisiana Conservation & Commodity Updates January 2024, Issue-1," Louisiana State University Agricultural Center, Staff Report No. 2024-15.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates December 2023, Issue-12," Louisiana State University Agricultural Center, Staff Report No. 2023-68.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates October 2023, Issue-10," Louisiana State University Agricultural Center, Staff Report No. 2023-64.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates August 2023, Issue-8," Louisiana State University Agricultural Center, Staff Report No. 2023-55.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates July 2023, Issue-7," Louisiana State University Agricultural Center, Staff Report No. 2023-51.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates June 2023, Issue-6," Louisiana State University Agricultural Center, Staff Report No. 2023-46.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates May 2023, Issue-5," Louisiana State University Agricultural Center, Staff Report No. 2023-43.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates March 2023, Issue-3," Louisiana State University Agricultural Center, Staff Report No. 2023-29.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates February 2023, Issue -2," Louisiana State University Agricultural Center, Staff Report No. 2023-24.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates January 2023, ISSUE-1," Louisiana State University Agricultural Center, Staff Report No. 2023-14.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates December 2022, Issue -12," Louisiana State University Agricultural Center, Staff Report No. 2022-60.
  • Goyal, R., and N. Adusumilli. 2023. "Louisiana Conservation & Commodity Updates November 2022, Issue -11," Louisiana State University Agricultural Center, Staff Report No. 2023-57.

    • Presentations

  • Goyal, R. 2024. " Marketing Commodities: Booking, Basis, Calls, Puts, Etc.," February 2024, Louisiana Agricultural Technology & Management Conference. (~ 50 participants)
  • Goyal, R., N. Adusumilli. 2024. " LSU AgCenter’s Louisiana Conservation & Commodity Updates" February 2024, LACD Area II Meeting, Bastrop, Louisiana. (~ 20 participants)
  • Goyal, R., M.K. Adjemian, and W. Secor. 2022. " Quantifying Agricultural Supply Response to Demand Shocks," 2022 Annual Meeting, September 15-16, Mississippi, Delta States Farm Management Group Meeting.
  • Goyal, R., and B. Campbell. 2022. “Pricing for Profits.” Starting a New Food Business Workshop sponsored by the Department of Food Science and Technology, Lawrenceville, GA, Feb. 11th (Speaker): 20 participants.
  • Goyal, R., and B. Campbell. 2022. “Pricing for Profits.” Starting a New Food Business Workshop sponsored by the Department of Food Science and Technology, Scheduled at GA in March 2022.

    • Projects

  • K. Guidry, and R. Goyal. 2024. “2023 Louisiana Summary: Agriculture & Natural Resources”
  • K. Guidry, J. Guo, R. Goyal, and R. Hutchins. 2023. “Preliminary Estimates of the Impacts of Drought and Excessive Heat on Louisiana Agricultural and Forestry Sectors, 2023.”
  • Extension study to understand the impact of a new brand (in the Indian butter market) on the rural livelihoods, Gujarat Cooperative Milk Marketing Federation, 2016.
  • Extension study to engage with agents in the Indian wheat market, ITC Agri-Business Division, 2016.
  • Internship, Extension study to understand the main economic drivers in a rural Indian village, Kutch Mahila Vikas Sangathan, 2015.
  • Extension study to understand the socio-economic conditions of women in rural areas, Kutch Mahila Vikas Sangathan, 2015.

    • Media Articles

  • Goyal, R., and S, Steinbach. “Agricultural Commodity Markets Navigate Uncharted Waters Amidst Russia-Ukraine Conflict.” Southern Ag Today 3(34.4). August 24, 2023.
  • Goyal, R., S. Steinbach, Y. Yildirim, and X. Zhuang. “Southern U.S. Agriculture Faces Headwinds in Asia Amid Red Sea Shipping Disruptions.” Southern Ag Today 4(4.4). January 25, 2024.

    • Coursera Certificates

    Neural Networks and Deep Learning 2020

    Improving Deep Neural Networks: Hyperparameter Tuning, Regularization and Optimization 2020

    Bloomberg Market Concepts (BMC’s), Bloomberg LP 2021

    American Journal of Agricultural Economics, Food Policy, European Review of Agricultural Economics, Agricultural Economics, Journal of Commodity Markets, Journal of the Agricultural and Applied Economics Association, Journal of Agricultural and Resource Economics, China Agricultural Economic Review, and Journal of Agricultural and Applied Economics, Australian Journal of Agricultural and Resource Economics.

    Agricultural and Applied Economics Association, 2019-present

    STATA, R, PYTHON, MATLAB, SAS, SPSS, and MS Office, LaTeX

    English (advanced), Hindi (native), and Punjabi (regional)

    Innovate . Educate . Improve Lives

    The LSU AgCenter and the LSU College of Agriculture

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