Corn prices driven by cash market selection, impacting futures market.
The study looked at how corn prices are determined in the U.S. by analyzing data from different cash markets. They found that the relationship between cash and futures prices varies depending on which cash markets are selected. In most cases, cash prices influence futures prices in the short term, while the influence of futures prices on cash prices is more complex. Overall, the futures market tends to have a smaller impact on price discovery compared to cash markets.