摘要：This study investigates whether U.S. corn merchants can effectively manage theovernight price risk of cash corn purchased after the Chicago Board of Tradecloses at 1:15 p.m. on either the electronic Project A market or in the corn contracttraded on the Tokyo Grain Exchange. While neither market provides a very effec-tive alternative using traditional measures of analysis, e*hedging on Project A ismore effective than hedging in Tokyo. Both could be very effective for thosemerchants in the market every day. However, trading of corn futures contracts onProject A remains thin and likely illiquid, limiting its usefulness.
