Performance of the Weekly Gulf‐Kansas City Hard‐Red Winter Wheat Basis
研究墨西哥湾硬红冬小麦现货价与堪萨斯城期货价之间的基差，发现出口增加或自由库存减少会推高现货价，而粮食禁运期间现货价相对下跌，合约月份也有显著影响，但市场流动性的作用未明确。
Abstract Weekly Gulf of Mexico cash price minus Kansas City futures price bases for hard‐red winter wheat are hypothesized to be related to export commitments and free stocks, grain embargoes, liquidity, and contract month used to calculate the basis. Regression results suggest that increased (decreased) exports or decreased free stocks cause the Gulf cash price to increase (decrease) relative to futures prices. The grain embargo caused Gulf cash prices to decrease relative to futures prices during the period of the embargo. Contract month was found to significantly affect the basis. Market liquidity issues are not resolved.