Non-Convergence in Domestic Commodity Futures Markets: Causes, Consequences and Remedies

Michael Adjemian ; Philip Garcia , Scott Irwin , and Aaron Smith

United States Department of Agriculture

关键词: Commodity futures;    delivery;    index funds;    grains;    non-Convergence;    price discovery;    risk management;    speculation;    storage;   

RP-ID  :  EIB-115

学科分类：农业科学（综合）

美国|英语

来源: United States Department of Agriculture Publications

【 摘 要 】

From 2005-10, the price of expiring U.S. corn, soybean, and wheat futures contracts settled much higher than corresponding delivery market cash prices. Theories about why this unprecedented non-convergence occurred are examined along with policy options to prevent it in the future.