摘要：The cotton basis is examined graphically and statistically to determine if the basis
differs across U.S. production regions and within the crop year as economic theory
predicts. The analysis indicates the basis differs for some, but not all, regions
consistent with the theory. Results also show that the typical seasonal pattern is not
apparent for regions which export most of their cotton, most likely because
demand in these regions is seasonal.
关键词：basis expectations, cotton marketing, futures markets, nonparametric
statistics, theory of storage
