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On the Relationship of Expected Supply and Demand to Futures Prices

Author

Listed:
  • Chua, Hans Walter
  • Tomek, William G.

Abstract

Expectations about future economic conditions are important determinants of commodity prices. This paper presents a relatively simple model that makes futures prices for corn a function of expected production and inventories and of variables that account for demand shifts. The intent is to provide an historical, objective context for new price and quantity observations, which may help market analysts.

Suggested Citation

  • Chua, Hans Walter & Tomek, William G., 2012. "On the Relationship of Expected Supply and Demand to Futures Prices," Staff Papers 121055, Cornell University, Department of Applied Economics and Management.
  • Handle: RePEc:ags:cudasp:121055
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    File URL: http://purl.umn.edu/121055
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    References listed on IDEAS

    as
    1. Mark, Darrell R. & Brorsen, B. Wade & Anderson, Kim B. & Small, Rebecca M., 2008. "Price Risk Management Alternatives for Farmers in the Absence of Forward Contracts with Grain Merchants," Choices, Agricultural and Applied Economics Association, vol. 23(2).
    2. Tomek, William G,, 1979. "Estimating Demand Relations Using Futures Prices," Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, issue 4.
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