This study revisits the debate over whether a bias exists in new crop December corn and November soybeans futures and option prices. Some evidence of bias is found in December corn futures and December corn puts, but the evidence is substantially muted when transaction costs are taken into...

This study examines the long run relationship between 1-day and 3-month futures prices for five metals at the London Metal Exchange (LME) and further investigates the role of interest rates in this relationship. A battery of stationarity tests and cointegration tests are applied to a simple cost...

This chapter assesses the political economy of the 2014 farm bill, which eliminated annual fixed direct payments but offers enhanced downside risk protection against low prices or declining revenue. The farm bill secured substantial bipartisan majorities in a politically contentious Congress....

This paper summarizes the evolutionary trends in US farm policy that have culminated in the 2014 farm bill, describes the new farm bill programs in depth, and highlights the key policy issues that arise and will play out over its planned five-year duration. This new US farm bill eliminates fixed...

The expected net return to storage is conventionally calculated as the expected change in price over the storage period minus the cost of storage. However, this value is almost always negative, thus raising the question why would anyone store. Numerous explanations have been proposed, but none...