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An Empirical Analysis of Cash and Futures Grain Price Relationships in the North Central Region

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  • S.R. Thompson
  • J.S. Eales
  • R.J. Hauser

Abstract

This paper investigates grain price relationships in the north central region by analyzing weekly prices for corn and soybeans at cash and futures markets. First differences in cash prices are compared statistically to first differences in futures prices. Next, the relationship of spatial basis changes between cash market locations is analyzed. The results indicate that cash and futures markets are not a constellation of one united grain market. Identifiable differences in price relationships exist across markets and time periods. The results have implications for hedging strategies as well as for consideration of the performance of Chicago as a delivery location for futures contracts.

Suggested Citation

  • S.R. Thompson & J.S. Eales & R.J. Hauser, 1990. "An Empirical Analysis of Cash and Futures Grain Price Relationships in the North Central Region," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 12(2), pages 241-254.
    • Handle: RePEc:oup:revage:v:12:y:1990:i:2:p:241-254.
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    File URL: http://hdl.handle.net/10.1093/aepp/12.2.241
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    Cited by:

    1. Mandal, Sanjay & Thompson, Sarahelen R. & Good, Darrel L., 1993. "Illinois Produce Growers Study - Viability Of South Water Market In Chicago As An Outlet For Marketing Produce And Analysis Of Net Returns Received Through Alternate Marketing Channels," Journal of Food Distribution Research, Food Distribution Research Society, vol. 24(1), pages 1-10, February.
    2. Keith Bollman & Philip Garcia & Sarahelen Thompson, 2003. "What Killed the Diammonium Phosphate Futures Contract?," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 25(2), pages 483-505.
    3. Goswami, Alankrita & Adjemian, Michael K. & Karali, Berna, 2022. "The impact of futures contract storage rate policy on convergence expectations in domestic commodity markets," Food Policy, Elsevier, vol. 111(C).

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