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What Killed the Diammonium Phosphate Futures Contract?

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  • Keith Bollman
  • Philip Garcia
  • Sarahelen Thompson

Abstract

Using a survey of industry participants, and an analysis of price relationships, this paper investigates the demise of the diammonium phosphate futures. The results indicate the diammonium phosphate cash and futures markets were not well linked. The results also suggest that the initial specifications of diammonium phosphate futures contract may have resulted in its use as a forward contract with a high rate of delivery, reducing market participation and limiting liquidity. Ultimately, the contract failed because it was a poor hedging tool, and was perceived by the industry not to offer benefits beyond existing contracting and risk management practices. Copyright 2003, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/1467-9353.00151
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal Review of Agricultural Economics.

Volume (Year): 25 (2003)
Issue (Month): 2 ()
Pages: 483-505

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Handle: RePEc:oup:revage:v:25:y:2003:i:2:p:483-505

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Cited by:
  1. Quintino, Derick David & David, Sergio Adriani, 2013. "Quantitative analysis of feasibility of hydrous ethanol futures contracts in Brazil," Energy Economics, Elsevier, vol. 40(C), pages 927-935.
  2. Rashid, Shahidur & Winter-Nelson, Alex & Garcia, Philip, 2010. "Purpose and potential for commodity exchanges in African economies:," IFPRI discussion papers 1035, International Food Policy Research Institute (IFPRI).

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