FUTURES PRICES AS FORECASTS OF COMMODITY SPOT PRICES: LIVE CATTLE AND WOOL

David Giles and Barry A. Goss

Australian Journal of Agricultural Economics, 1981, vol. 25, issue 01, 13

Abstract: In this paper the foundations on which the predictive interpretation of futures prices rests are discussed, and possible reasons for the differential predictive performance of futures prices as between different commodity markets examined. The predictive performances of futures, and spot prices themselves, are tested empirically, using Australian data for wool (a continuous inventory commodity) and finished live beef cattle (virtually a non-storable commodity), by means of instrumental variables estimation.

Keywords: Livestock Production/Industries; Marketing (search for similar items in EconPapers)
Date: 1981
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Citations: View citations in EconPapers (5)

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Journal Article: FUTURES PRICES AS FORECASTS OF COMMODITY SPOT PRICES: LIVE CATTLE AND WOOL (1981)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22630

DOI: 10.22004/ag.econ.22630

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