Indian Wheat Futures Market Dominates Price Discovery and Volatility Spillovers.
The study analyzed the Indian wheat market to understand how prices are determined and how volatility spreads between spot and futures markets. They found that there is a two-way relationship between spot and futures prices, with futures leading in price discovery. The futures market also influences volatility in the spot market, and vice versa. This suggests that the futures market is a key player in setting prices and managing risk in the wheat market in India.