Download or read book The Effect of the Commodity Futures Market on the Stability of Soybean Spot Prices a Non statistical Analysis written by Conrad Gordon Spens and published by . This book was released on 1977 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Commodities written by M. A. H. Dempster and published by CRC Press. This book was released on 2015-11-05 with total page 725 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since a major source of income for many countries comes from exporting commodities, price discovery and information transmission between commodity futures markets are key issues for continued economic development.This book covers the fundamental theory of and derivatives pricing for major commodity markets as well as the interaction between commodi
Download or read book Soybean Futures Market 1960 61 written by United States. Commodity Exchange Authority and published by . This book was released on 1962 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Effects of Noncommercial Open Interest on Corn and Soybean Futures Price Volatility written by William Grady Ferguson and published by . This book was released on 2015 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the early 2000s a dramatic rise in institutional investment in agricultural futures markets has occurred. This rise may have caused an increase in price volatility, potentially resulting in added risk for farmers, agribusinesses, and consumers. Currently, regulators, hedgers, exchanges, and speculators lack information regarding how modern investments in agricultural futures markets affect short-term price volatility. The objective of this analysis is to examine the effect of institutional investment on short-term price volatility for corn and soybean futures markets. Using daily price data for corn and soybean futures from the Chicago Board of Trade (CBOT), several measures of price volatility – including differences, ratios, and measures of central tendency – are calculated and their results compared by Akaike’s Information Criteria (AIC) and Schwarz Bayesian Criteria (SBC). Using the Commodities Futures Trading Commission’s (CFTC) Commitments of Traders (COT) weekly Aggregated Futures and Options Combined report for corn and soybeans, a percent of open interest held by noncommercial traders is used to estimate movements in institutional investment. In order to account for the dependence of price on recent prices and the dependence of the variance of price on recent variances of price, a bivariate generalized autoregressive conditionally heteroskedastic (GARCH) model is used in this analysis. Portmanteau Q Tests and Engle’s LM tests are used to justify this approach. We find for each model the effect of institutional investment on price volatility is positive and, for most models, statistically significant.
Download or read book Using Commodity Futures to Reduce the Price Related Risks of Soybean Production written by Michael A. Hudson and published by . This book was released on 1982 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effect of Futures Markets on the Stability of Commodity Prices written by Johan de Jong and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Do futures markets have a stabilizing or destabilizing effect on commodity prices? Empirical evidence is inconclusive. We try to resolve this question by means of a learning-to-forecast experiment in which a futures market and a spot market are coupled. The spot market exhibits negative feedback between forecasts and prices, while the futures market is of the positive feedback type, which makes it susceptible to bubbles and crashes. We show that the effect of a futures market on spot price stability changes non-monotonically with the strength of the coupling between the spot and futures markets. This coupling depends positively on the number of speculators on the futures market and negatively on storage costs, speculator risk aversion, and the volatility of futures prices. In the end we observe a stabilizing effect on spot prices for weakly coupled markets and a destabilizing effect when the coupling with the futures market is strong.
Download or read book An Analysis of the Stabilizing and Welfare Effects of Intervention in Spot and Futures Markets written by Robert B. Campbell and published by . This book was released on 1985 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of three alternative rules on the long-run distributions of both the spot and futures prices ina single commodity market, in which the key behavioral relationships are derived from the optimizing behavior of producers and speculators.The rules considered include: (i) leaning against the wind in the spot market; (ii) utility maximizing speculative behavior by the stabilization authority in the futures market; (iii) leaning against the wind in the futures market. Since the underlying model is sufficiently complex to preclude analytical solutions, the analysis makes extensive use of simulation methods. As a general proposition we find that intervention in the futures market is not as effective in stabilizing either the spot price of the futures price as is intervention in the spot market. Indeed, Rule (iii), while stabilizing the futures price may actually destabilize the spot price. Furthermore, the analogous type of rule undertaken in the spot market will always stabilize the futures price to a greater degree than it does the spot price. The welfare implications of these rules are also discussed. Our analysis shows how these can generate rather different distributions of welfare gains, including the overall benefits
Download or read book Non Convergence in Domestic Commodity Futures Markets written by Michael Adjemian and published by . This book was released on 2015 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: During most of 2005-10, the price of expiring U.S. corn, soybeans, and wheat futures contracts settled much higher than corresponding delivery market cash prices. Because futures contracts at expiration are commonly thought to be equivalent to cash grain, this commodity price non-convergence appeared inconsistent with the law of one price. In addition, sustained non-convergence concerns market participants, exchanges, and policymakers because it can make hedging less effective, send confusing signals to the market, threaten the viability of a contract, and ultimately lead to a misallocation of agricultural resources. This report summarizes prominent theories that have been offered to explain non-convergence, including a new model that explains how the structure of a competitive delivery market can generate a positive expiring basis. The data support this delivery market theory over alternative explanations. Finally, we discuss various policy levers that have been offered to address non-convergence, as well as their likely impacts.
Download or read book The Effects of The 2018 2019 Sino America Trade War On The Relationship Between Chicago And Dalian Soybean Futures Prices written by Calum G. Turvey and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the impacts of the 2018-2019 Sino-American trade war on price diffusion and information transfer relationships between soybean futures prices on the Chicago Mercantile Exchange in Chicago and the Dalian Futures Exchange in Liaoning China. Results show that previous patterns of price signaling between CME close and Dalian open, and Dalian close and CME open, had all but evaporated since the US-China trade war began in 2018. The key date of interest is June 3rd, 2018 when China announced retaliatory tariffs on USA soybeans and other commodities. This was followed further by a retaliatory embargo of USA soybeans, resulting in, an unheard-of, zero imports of USA soybeans by China in November 2019. With up to 40% of USA soybeans being exported to China, the trade-war induced China to increase imports from Brazil, thereby mitigating the tariff effects on domestic Chinese prices. However, with such a reliance on the Chinese market, American futures and prices plummeted, well below typical Midwest costs of production, with devastating consequences to affected agricultural economies and farmers. This trade war provides in an unprecedented way a natural experiment on the effects of tariffs and non-tariff barriers (embargo) on global trade. Different from previous studies, this paper differentiates price signaling effects between opening prices and closing prices of soybean futures, building on a circulating price signaling structure. We also consider signaling effect between US soybean futures price and Chinses spot price. Using vector auto-regression we test the causal covariate differences in soybean futures prices before and after June 1, 2018. We show, with no ambiguity that where complementary, and causal, price signals between the CME and Dalian exchanges were strong and significant at the 1 % level prior to tariffication, signaling lost all significance up to the 10% level thereafter.
Download or read book Food Price Volatility and Its Implications for Food Security and Policy written by Matthias Kalkuhl and published by Springer. This book was released on 2016-04-12 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
Download or read book Energy Transition Metals written by Lukas Boer and published by International Monetary Fund. This book was released on 2021-10-12 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The energy transition requires substantial amounts of metals such as copper, nickel, cobalt and lithium. Are these metals a key bottleneck? We identify metal-specific demand shocks, estimate supply elasticities and pin down the price impact of the energy transition in a structural scenario analysis. Metal prices would reach historical peaks for an unprecedented, sustained period in a net-zero emissions scenario. The total value of metals production would rise more than four-fold for the period 2021 to 2040, rivaling the total value of crude oil production. Metals are a potentially important input into integrated assessments models of climate change.
Download or read book Commodity Price Dynamics written by Craig Pirrong and published by Cambridge University Press. This book was released on 2011-10-31 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
Download or read book India Effect of Tariff and Nontariff Measures on U S Agricultural Exports Inv 332 504 written by and published by DIANE Publishing. This book was released on with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Food Price Volatility written by Jean-Paul Chavas and published by University of Chicago Press. This book was released on 2014-10-14 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The conference was organized by the three editors of this book and took place on August 15-16, 2012 in Seattle."--Preface.
Download or read book Biotechnology Agriculture Environment and Energy written by Fangli Zheng and published by CRC Press. This book was released on 2014-11-18 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2014 International Conference on Biotechnology, Agriculture, Environment and Energy (ICBAEE 2014) was held May 22-23, 2014 in Beijing, China. The objective of ICBAEE 2014 was to provide a platform for researchers, engineers, academics as well as industry professionals from all over the world to present their research results and development activities in Biotechnology, Agriculture, Environment and Energy. This conference provided opportunities for the delegates to exchange new ideas and application experiences face to face, to establish business or research relations and to find global partners for future collaboration. The program consisted of invited sessions and technical workshops and discussions with eminent speakers, and contributions to this proceedings volume cover a wide range of topics in Biotechnology, Agriculture, Environment and Energy.
Download or read book Economic Stabilization 1973 written by United States Congress. House. Banking and Currency Committee and published by . This book was released on 1973 with total page 974 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Stabilization 1973 written by United States. Congress. House. Committee on Banking and Currency and published by . This book was released on 1973 with total page 874 pages. Available in PDF, EPUB and Kindle. Book excerpt:
