Trends In U.S. Cotton Basis Since 2001

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英文名称：

Trends In U.S. Cotton Basis Since 2001

作者：

Stephen MacDonald; Leslie Meyer

工作单位：

USDA's Economic Research Service

来源地址：

https://www.ers.usda.gov/publications/pub-details/?pubid=35848

关键词：

cotton;  futures;  spot prices;  basis; 

年份：

2009

出版地：

Washington, DC, USA

总页数：

11 pp

语种：

English

摘要：

Price volatility in 2008 generated interest in underlying cotton cash and futures markets and highlighted the importance of market participants' expectations about basis changes over time in production, marketing, and hedging decisions. This analysis examines trends in average U.S. cotton basis and changes in the convergence of cash and futures prices as cotton futures contract expiration dates near between 2001 and 2009 to provide perspective for the average basis movements experienced in 2008. Though this analysis does not identify the factors leading to differences in average convergence paths since 2001, it finds that, while average cotton cash and futures prices converged in all years, the pattern in 2008 was significantly different from the other sample years.