A selected review of agricultural commodity futures and options markets

Philip Garcia, Raymond M. Leuthold

Research output: Contribution to journalReview articlepeer-review


This paper provides a selected review of the research literature on commodity futures and options markets, focusing primarily on empirical studies. The topics featured include the development of intertemporal price relationships, hedging and basis relationships, price behaviour, and discussion of the markets' institutional issues. In each case the recent contributions are recognised. Using this base of information as background, we focus on identifying and motivating future research challenges for agricultural commodity futures and options markets.

Original languageEnglish (US)
Pages (from-to)235-272
Number of pages38
JournalEuropean Review of Agricultural Economics
Issue number3
StatePublished - Sep 2004


  • Backwardation
  • Hedging
  • Market efficiency
  • Price volatility
  • Risk management

ASJC Scopus subject areas

  • Agricultural and Biological Sciences (miscellaneous)
  • Economics and Econometrics


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