Paper Infomation
Research on Price Discovery Function of Corn Futures
Full Text(PDF, 57KB)
Author: Lingyun Xu
Abstract: The purpose of this paper is to explore the price discovery function of corn futures and its actual performance in the spot market through the analysis of relevant data. This paper takes the corn futures and spot trading data from February 2020 to February 2022 as the research object, mainly using correlation analysis, ADF unit root test and other methods, the study shows that: the futures and spot prices have a high correlation, and the first-order difference series between them is stable, and the futures and spot prices of corn have a long-term cointegration relationship. At the same time, it can be seen that the guiding relationship between futures and spot prices of corn in China is mainly one-way guidance of spot prices by futures prices, which is generally in the first stage of development of the guiding relationship. Combining theory with practice, this paper analyzes the price discovery function of corn futures, and puts forward relevant countermeasures and suggestions, so as to establish and improve the operation mechanism of corn futures market, maximize the function of futures market, reduce the price volatility of spot market, and safeguard the interests of all parties in the industrial chain.
Keywords: Corn Futures, Price Discovery, Empirical Analysis
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