The lack of consistently acceptable convergence performance for Chicago Board of Trade (CBOT) corn, soybean, and wheat contracts since late 2005 has been widely discussed (e.g., Henriques, 2008).1 Convergence performance is summarized in Figure 1, depicting delivery location basis levels on the...

The United States Department of Agriculture (USDA) has a number of agencies that are involved in collecting, analyzing, forecasting, and disseminating information about the production and consumption of the corn and soybean crops (Spilka, 1983; Vogel and Bange, 1999; Lusk, 2013). Market participants...

Only a small percentage of well-capitalized smallholders are able to sell maize to the Food Reserve Agency (FRA) and take advantage of the maize price support. For example, in the 2007/08 marketing year, only 10% of smallholders sold maize to the FRA and these households had larger landholdings,...

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