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| Wang, H. Holly; Ke, Bingfan. |
| In this paper, we study the efficiency of the Chinese wheat and soybeans futures markets and assess the conditions in agricultural commodity futures and cash markets in China. Formal statistical tests are conducted through Johansen's cointegration approach to identify the long-term equilibrium relationship between futures and cash markets. Three different cash prices from Zhengzhou Grain Wholesale Market, Tianjin Grain Wholesale Market, and the national average wholesale price are used. The wheat futures price from China Zhengzhou Commodity Exchange and soybeans futures price from Dalian Commodity Exchange with different forecasting horizons ranging from one week to six months are also used. Results suggest that a long-term equilibrium relationship... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2003 |
URL: http://purl.umn.edu/25806 |
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| Wang, H. Holly; Ke, Bingfan. |
| The efficiency of the Chinese wheat and soybean futures markets is studied. Formal statistical tests were conducted based on Johansen’s cointegration approach for three different cashmarkets and six different futures forecasting horizons ranging from1 week to 4 months.The results suggest a long-termequilibrium relationship between the futures price and cash price for soybeans and weak short-term efficiency in the soybean futures market. The futures market for wheat is inefficient, which may be caused by overspeculation and government intervention. |
| Tipo: Article |
Palavras-chave: Cointegration; Futures market; Price; Soybean; Wheat; Marketing; Risk and Uncertainty. |
| Ano: 2005 |
URL: http://purl.umn.edu/118441 |
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| Ke, Bingfan; Wang, H. Holly. |
| In this paper, we identified the most desirable farm income risk management strategies for two rotation systems in the Pacific Nowthwest(PNW)area under a framework of expected utility maximization. Insurance programs available to PNW farmers and wheat futures market instruments are included in this study. The risk management effectiveness of each instrument and the substitute effect of revenue insurance programs on the combination of yield insurance and futures market are also evaluated. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Crop Production/Industries; Risk and Uncertainty. |
| Ano: 2001 |
URL: http://purl.umn.edu/36061 |
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