A STUDY OF THE ECONOMIC FUNCTIONS OF THE MAINE POTATO FUTURES MARKET
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In an update and extension of prior work this study found that the
potato futures markets continued to provide very unreliable forecasts of
subsequent spot prices. On the other hand and contrary to some past studies
an extensive study here failed to turn up any convincing evidence of a
cobweb pricing relationship. Moreover the increasing volatility of potato
futures prices in the more recent time period raises questions regarding their
value as hedging vehicles. Finally it is argued that the market's efficiency
might be improved by expanding the current Maine potato contract to
permit delivery of round white potatoes grown outside Maine.