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A Note on the Factors Affecting Corn Basis Relationships

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  • Naik, Gopal
  • Leuthold, Raymond M.

Abstract

Empirical tests were made of components of the corn basis in the U.S. utilizing a general theory of intertemporal price relationships for storable commodities. These tests showed that the basis consists of a risk premium, a speculative component, and a maturity basis apart from other factors such as storage costs for storable commodities. The results provide insights into factors affecting basis patterns for corn.

Suggested Citation

  • Naik, Gopal & Leuthold, Raymond M., 1991. "A Note on the Factors Affecting Corn Basis Relationships," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 23(1), pages 147-153, July.
    • Handle: RePEc:cup:jagaec:v:23:y:1991:i:01:p:147-153_01
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    Cited by:

    1. Dykema, Amy & Klein, Nicole L. & Taylor, Gary, 2002. "The Widening Corn Basis In South Dakota: Factors Affecting And The Impact Of The Loan Deficiency Payment," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36574, Western Agricultural Economics Association.
    2. Hector O. Zapata & T. Randall Fortenbery, 1996. "Stochastic Interest Rates and Price Discovery in Selected Commodity Markets," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 18(4), pages 643-654.
    3. Shafer, Carl E., 1992. "Hedge Ratios and Basis Behavior: An Intuitive Insight?," Faculty Paper Series 257887, Texas A&M University, Department of Agricultural Economics.
    4. Bekkerman, Anton & Pelletier, Denis, 2009. "Basis Volatilities of Corn and Soybean in Spatially Separated Markets: The Effect of Ethanol Demand," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49281, Agricultural and Applied Economics Association.
    5. Hatchett, Robert B. & Brorsen, B. Wade & Anderson, Kim B., 2010. "Optimal Length of Moving Average to Forecast Futures Basis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 35(1), pages 1-16.
    6. Taylor, Mykel R. & Dhuyvetter, Kevin C. & Kastens, Terry L., 2006. "Forecasting Crop Basis Using Historical Averages Supplemented with Current Market Information," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(3), pages 1-19, December.

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