文档介绍：The Adequacy of Speculation in Agricultural Futures
Markets: Too Much of a Good Thing?
by
Dwight R. Sanders, Scott H. Irwin, and Robert P. Merrin
Suggested citation format:
Sanders, ., . Irwin, and . Merrin. “The Adequacy of Speculation in
Agricultural Futures Markets: Too Much of a Good Thing?" Marketing and
Outlook Research Report 2008-02, Department of Agricultural and
Consumer Economics, University of Illinois at Urbana-Champaign, June
2008. []
The Adequacy of Speculation in Agricultural Futures Markets:
Too Much of a Good Thing?
by
Dwight R. Sanders, Scott H. Irwin, and Robert P. Merrin*
June 2008
Marketing and Outlook Research Report 2008-02
* Dwight R. Sanders is an Associate Professor of Agribusiness Economics at Southern Illinois University,
Carbondale, Illinois. Scott H. Irwin is the Laurence J. Norton Chair of Agricultural and Consumer Economics at the
University of Illinois, Urbana, Illinois. Robert P. Merrin is a . student in the Department of Finance at
Universiteit Maastricht, Netherlands. A version of this report was presented at the 2008 -134 Conference on
modity Price Analysis, Forecasting, and Market Risk Management. The authors appreciate the
comments and suggestions provided by the Conference participants.
The Adequacy of Speculation in Agricultural Futures Markets:
Too Much of a Good Thing?
Abstract
The objective of this report is to re-visit the “adequacy of speculation” debate in agricultural
futures markets. modity Futures mission makes available the positions
held by index funds and other large traders in mitment of Traders reports. The results
suggest that after an initial surge from early 2004 through mid-2005, index fund positions have
stabilized as a percent of total open interest. Traditional speculative measures do not show any
material changes or s