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Is Storage at a Loss Merely an Illusion of Aggregation?

Author

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  • Franken, Jason R.V.
  • Garcia, Philip
  • Irwin, Scott H.

Abstract

The storage at a loss paradox of positive inventories despite inadequate spot-futures price spread coverage of storage costs is an unresolved issue of long-standing interest to economists. Alternative explanations include risk premiums for futures market speculators, convenience yields from having inventories on hand, and the mismeasurement/aggregation of data. T-test analyses of disaggregated data suggest soybean price behavior consistent with intertemporal arbitrage conditions and corn price behavior that may imply convenience yields.

Suggested Citation

  • Franken, Jason R.V. & Garcia, Philip & Irwin, Scott H., 2006. "Is Storage at a Loss Merely an Illusion of Aggregation?," 2006 Conference, April 17-18, 2006, St. Louis, Missouri 19005, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    • Handle: RePEc:ags:ncrsix:19005
    DOI: 10.22004/ag.econ.19005
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    Marketing;

    Statistics

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