Recent Convergence Performance of Futures and Cash Prices for Corn, Soybeans, and Wheat

by Linwood Hoffman and Nicole Aulerich

From 2005 to 2011, wheat, corn, and soybean futures contracts were affected by growing discrepancies between expiring futures prices and cash prices--a problem known as non-convergence. In response, the futures exchanges modified their contracts to better reflect market conditions. Those modifications appear to have improved convergence in these markets since 2011.

Keywords: Agricultural commodity futures, convergence, futures and cash prices, futures contract, delivery markets, storage rates, corn, soybeans, wheat

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• Recent Convergence Performance of Futures and Cash Prices for Corn, Soybeans, and Wheat

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