The statistical properties of daily closing futures prices for nine commodities are studied. Two hypotheses are examined: Price changes are normally distributed, and prices follow a random walk process. Normality is tested by estimating kurtosis, the R/S statistic, and characteristic exponents....

Various estimates of quantity-and price-dependent demand equations for total food demand are made. The regression coefficients are used to derive estimates of price and income elasticities and flexibilities. The results indicate that response of food demand to price and income changes is low...