Cash and futures prices should reach equality, or converge, upon contract maturity. Traders can impose convergence during the delivery month througharbitrage behavior: either making or taking delivery on futures contracts. If convergence is not predictable, a futures market fails to provide a...

The degree to which markets are spatially efficient has important implications for market liberalization and other policy reforms. After several attempts to control and regulate the marketing of maize in Benin, a liberalized free-market system was finally adopted in 1990. It was assumed that a...

The paper examines the relationship between the world market and domesticmarket prices of rice for Bangladesh in the regime of agricultural trade liberalization. The longrun price relationship information is an important piece of information for the policy makers informulating domestic polices...

Market liberalization at the domestic level and at the boarder level has been a dominant feature of market reforms in most developing countries including Bangladesh during the last two decades. A pre-requisite for producers and consumers to benefit from this new and changing market environment...

It is well documented that ‘‘unanticipated’’ information contained in United States Department of Agriculture (USDA) crop reports induces large price reactions in corn and soybean markets. Thus, a natural question that arises from this literature is: To what extent are futures hedges...