摘要：This study analyzes the role of futures markets in corn marketing decisions. Besides price discovery and price-risk management, hedging in the futures market facilitates a return to corn storage. First, the seasonality in corn marketings and prices is examined. Second, the seasonality of the difference between cash and futures prices, the basis, is analyzed. Understanding the basis is important because it is a useful guide for decisions on corn storage and sale. Finally, several corn marketing strategies are developed and analyzed. Cash corn prices at Clarkfield, Minnesota, and futures prices on the Chicago Board of Trade are used in the analysis.
