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Spreading, Hedging and Speculating in Forward, Futures and Spot Markets by Ray Nelson, Dan Aguiar, and Tim Park Suggested citation format: Nelson, R., D. Aguiar, and T. Park. 1984. “Spreading, Hedging and Speculating in Forward, Futures and Spot Markets.” Proceedings of the NCR- 134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. St. Louis, MO. [http://www.farmdoc.uiuc.edu/nccc134].

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Page 1: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Spreading, Hedging and Speculating in Forward,

Futures and Spot Markets

by

Ray Nelson, Dan Aguiar, and Tim Park

Suggested citation format:

Nelson, R., D. Aguiar, and T. Park. 1984. “Spreading, Hedging and Speculating in Forward, Futures and Spot Markets.” Proceedings of the NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. St. Louis, MO. [http://www.farmdoc.uiuc.edu/nccc134].

Page 2: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 3: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 4: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 5: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 6: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 7: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 8: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 9: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 10: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 11: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 12: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 13: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 14: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 15: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 16: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 17: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 18: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 19: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 20: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 21: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 22: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 23: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 24: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

Page 25: Spreading, Hedging and Speculating in Forward, Futures and ...farmdoc.illinois.edu/nccc134/conf_1984/pdf/confp3-84.pdf · equilibrium among the markets. A portfolio selection model

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