The Dynamics of Convenience and the Brazilian Soybean Boom
U.S. and Brazilian soybeans are harvested on an alternating semiannual cycle that generates predictable dynamic behavior in the soybean futures market. Because corn and soybeans are storage substitutes, their physical storage costs move together and can be isolated separately from crop-specific marginal convenience yields along the futures price profile. The Kaldor-Working convenience yield hypothesis is tested for the international soybean market and storage risk is measured. Copyright 1997, Oxford University Press.
Volume (Year): 79 (1997)
Issue (Month): 4 ()
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