As the boom of the world grain market phases out, the challenge for Chinese government has gradually moved from retarding grain exports to restraining imports. This study tries to examine the causalities of soybean an...As the boom of the world grain market phases out, the challenge for Chinese government has gradually moved from retarding grain exports to restraining imports. This study tries to examine the causalities of soybean and corn price movement among the United States(US) future market, Chinese domestic future market and Chinese spot markets. We find that the daily prices of all these three types of grains belong to I(1) series, and there are long-run integrations. Also Chinese soybean future prices adjust more quickly than its spot prices, while Chinese corn future prices adjust slower. This paper finds that the soybean price movement originates from the US future market, then passes through Chinese future market, and finally reaches Chinese spot market, while the corn price movement starts in Chinese spot market, then spreads to the future markets in both China and the US.Finally, this paper also provides some policy implications on how to release the pressure from the grain imports.展开更多
基金the National Natural Science Foundation of China(Nos.71333010 and 71203142)
文摘As the boom of the world grain market phases out, the challenge for Chinese government has gradually moved from retarding grain exports to restraining imports. This study tries to examine the causalities of soybean and corn price movement among the United States(US) future market, Chinese domestic future market and Chinese spot markets. We find that the daily prices of all these three types of grains belong to I(1) series, and there are long-run integrations. Also Chinese soybean future prices adjust more quickly than its spot prices, while Chinese corn future prices adjust slower. This paper finds that the soybean price movement originates from the US future market, then passes through Chinese future market, and finally reaches Chinese spot market, while the corn price movement starts in Chinese spot market, then spreads to the future markets in both China and the US.Finally, this paper also provides some policy implications on how to release the pressure from the grain imports.
