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The purpose of this paper is to determine if hedging effectiveness can be enhanced with an understanding of seasonal and interseasonal changes in relative prices between the three wheat futures markets. The specific objectives of the analysis are to address the following questions : (1) What factors have contributed to increased variability in relative prices? (2)Do seasonal patterns in relative prices exist, and if so, how reliable is such seasonality? (3)How can hard red spring wheat hedgers use changing price spreads to increase the effectiveness of their hedging programs? (4) Can fundamental factors of supply and demand be used to predict forthcoming relative prices, and thus guide hedgers in selection of the most advantageous hedging market?


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