This paper develops a general model of cash and futures markets for a storable commodity. The cash market model is characterized by the incorporation of long hedged to establish contractual claims against existing inventories, which may be either short hedged or unhedged. The futures market...

This paper develops a game theory optimization model of market efficiency and derives conditions under which voluntary pooling is sustained for US/Canada durum and hard red spring wheat producers. Analysis reveals that United States and Canadian farmers can increase farm returns with efficiency...