Commodity futures markets: a survey
This review article describes the main contributions in the literature on commodity futures markets. It is argued that modern studies have focused primarily on technical questions, with insufficient economic content. More research needs to be directed towards understanding fundamental economic issues such as why so few farmers hedge, the impacts of government farm programs on commodity futures, and the market impacts of commodity pools. The literature has failed to explain the prevalence of inverted markets in grains and oilseeds, and there is unexplainable price volatility in markets such as hogs and orange juice.
Volume (Year): 43 (1999)
Issue (Month): 2 ()
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225817, University of California, Davis, Department of Agricultural and Resource Economics.
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- Baur, Robert F & Orazem, Peter F, 1994. " The Rationality and Price Effects of U.S. Department of Agriculture Forecasts of Oranges," Journal of Finance, American Finance Association, vol. 49(2), pages 681-95, June.
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- B. Wade Brorsen, 1995. "Optimal Hedge Ratios with Risk-Neutral Producers and Nonlinear Borrowing Costs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(1), pages 174-181.
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- Cargill, Thomas F & Rausser, Gordon C, 1975. "Temporal Price Behavior in Commodity Futures Markets," Journal of Finance, American Finance Association, vol. 30(4), pages 1043-53, September.
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