Marc Nerlove in his seminal work published in 1956 (Nerlove, 1956) explored the relevance of price expectations in agricultural production and how these may affect supply elasticities. This chapter extends the ‘Nerlovian model’ by taking into account some recent developments in panel data econometrics, volatility modelling and data availability. These new models are then estimated and tested using some FAO data sets. It turns out that although these fresh results shed a slightly different and more nuanced light on Nerlove’s original model, his approach is still relevant these days almost seven decades after its original insemination.