This paper revives the seminal work of Jack Kenneth (J.K.) Eastham, an economist from the Dundee School of Economics, who in the 1930s wrote on the theoretical aspects of storable commodity markets. First, we present Eastham's contribution and show that despite using a graphical analysis,...

We propose a modified version of the speculative storage model of Deaton and Laroque (1992) in a continuous-time framework. Unlike most of the literature, where either the demand or the price process are exogenously given, our framework models them endogenously for the storable commodities. This...