Can futures and options markets hold the milk price safety net? Policy conflicts and market failures in dairy hedging

Review of Agricultural Economics

Volumn 27, Issue 2, 2005, Pages 273-286

  Maynard, Leigh J ^a   Wolf, Christopher ^b   Gearhardt, Matthew ^a  

^a UNIVERSITY OF KENTUCKY   (United States)

^b MICHIGAN STATE UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 27944508767     PISSN: 10587195     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1467-9353.2005.00226.x     Document Type: Review

References (13)

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2. Dairy Foods. Producer Support Program May Be Billions over Budget, vol. 9. Bensenville IL: Business News Publishing Co. II, LLC. 104, September 2003, p. 16.
3. Harris, H. "Current Issues in Dairy Policy." Presented at USDA/ERS Dairy Policy Workshop, September 2002.
4. Lien, D., and Y.K. Tse. "Hedging Downside Risk: Futures versus Options." Int. Rev. Econ. Finance 10(2001):159-69.
5. Myers, R.J., and S.R. Thompson. "Generalized Optimal Hedge Ratio Estimation." Amer. J. Agr. Econ. 71(1989):858-68.
6. Stasko, G.F. Marketing Grain and Livestock. Ames IA: Iowa State University Press, 1997.
7. Stall, H.R., and R.E. Whaley. Futures and Options: Theory and Applications. Cincinnati: South-Western Publishing Co., 1993.
8. Thraen, C. "A User's Guide to Understanding Basis and Basis Behavior in Multiple Component Federal Order Milk Markets." Presented at the annual meetings of NCR-134, Applied Commodity Price Analysis, Forecasting, and Market Risk Management, St. Louis MO, 22-23, April 2002.
9. U.S. Department of Agriculture, Agricultural Marketing Service. Federal Milk Order Market Statistics: Annual Summary. Washington DC: various issues, 1995-2002.
10. -. A Study of the Dairy Forward Pricing Pilot Program and Its Effect on Prices Paid Producers for Milk. Prepared for Senate Committee on Agriculture, Nutrition and Forestry, and House Committee on Agriculture, 2002.
11. U.S. Department of Agriculture, National Agricultural Statistics Service. Milk Production. Publication No. Da 1-1 (2-02), Washington DC, February 2002.
12. U.S. Department of Agriculture, Office of Communications. Press Briefing by Deputy U.S. Trade Representative Peter Allgeier, Under Secretary of State Alan Larson, USDA Under Secretary J.B. Penn, Commerce Under Secretary Grant Aldonas, at the WTO's 5th Ministerial Meeting Cancun, Mexico. Release No. 0311.03, Washington DC, 10 September 2003.
13. U.S. Department of Agriculture, Risk Management Agency. DOPP Summary of Business, Week Ending 12/31/2001. Washington DC, January 2002.