饲养牛基础风险和决定因素

IF 1.6 Q2 AGRICULTURAL ECONOMICS & POLICY

Journal of Agricultural and Applied Economics Pub Date : 2022-02-01 DOI:10.1017/aae.2022.2

Justin D. Bina, T. Schroeder, G. Tonsor

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引用次数: 1

摘要

饲养牛期货合约近年来一直被批评为没有提供有效的对冲工具。在2014-2015年牛市场历史性波动之后，饲养牛基差风险升级，加剧了对期货合约的担忧。这项研究利用1992年至2021年32个饲养牛市场的每周拍卖数据评估了这些问题。首次研究表明，饲养牛市场的变化对基础风险有统计学和经济上的显著影响。不同地区和营销时期的基差不同。2014年至2015年，饲养牛基础风险处于历史高位，但到2018年已降至与2011年相似的水平。

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Feeder Cattle Basis Risk and Determinants

The feeder cattle futures contract has been criticized in recent years as not providing an effective hedging instrument. Following historically volatile cattle markets in 2014–2015, feeder cattle basis risk escalated, fueling futures contract concerns. This study assesses these concerns, utilizing weekly auction data from 32 feeder cattle markets from 1992 to 2021. Examined for the first known time, feeder cattle market variation had a statistically and economically significant influence on basis risk. Basis variation differed across regions and marketing periods. Feeder cattle basis risk was historically high in 2014–2015 but declined to levels similar to 2011 by 2018.

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来源期刊

Journal of Agricultural and Applied Economics AGRICULTURAL ECONOMICS & POLICY-

CiteScore

3.30

自引率

5.30%

发文量

审稿时长

8 weeks

期刊介绍： Published on behalf of the Southern Agricultural Economics Association, the Journal of Agricultural and Applied Economics is a forum for creative and scholarly work in agricultural economics and related areas. Contributions on methodology and applications in business, extension, research, and teaching phases of agricultural and applied economics are equally encouraged. As of 2015 (Vol 47), articles are published on an open access basis.