We document the impact of the early stages of the COVID-19 pandemic on liquidity in U.S. agricultural markets. Notably, we show that soybean futures-market depth collapses weeks before the U.S. financial markets’ crash of March 2020. Soybean futures liquidity is affected the earliest, the...

We use a unique, non-public dataset of trader positions in 17 U.S. commodity futures markets to provide novel evidence on those markets' financialization in the past decade. We then show that the correlation between the rates of return on investible commodity and equity indices rises amid...

We use non-public data regarding all trader-level futures positions, reported to the U.S. grain and oilseed derivatives market regulator (the CFTC), in order to describe the nature of market participants, the maturity structure of their holdings, and the aggregate position patterns for nine...

We use a unique, non-public dataset of individual trader positions in 17 U.S. commodity futures markets to provide novel evidence on those markets' financialization in the past decade. We then show that the correlation between the rates of return on commodities and equities rises amid greater...