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| Ramaswami, Bharat; Singh, Jatinder. |
| Abstract The limited presence of futures exchanges in developing countries where commodity markets fall short of the ideal underscore the importance of understanding the relation between spot and futures markets. The paper examines the exceptional success of the soya oil contract at the National Board of Trade (NBOT) in India. The paper asks whether the NBOT contract exhibits the fundamental features of mature futures markets in terms of its use by hedgers. If the market offers arbitrage opportunities to hedgers and if such activity is significant, then the activities of commercial firms should affect the returns to their hedging portfolio i.e., change in basis. This insight is developed into an examination of the impact of soya oil imports on the basis.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Basis; Hedging; Futures market; Spot markets; Soya oil; Marketing; G13; Q13. |
| Ano: 2007 |
URL: http://purl.umn.edu/7919 |
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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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