@article{Weller:268242,
      recid = {268242},
      author = {Weller, Paul and Yano, Makoto},
      title = {THE INFLUENCE OF TECHNOLOGY AND DEMAND CONDITIONS ON  FUTURES PRICES AND HEDGING},
      address = {1987-07-07},
      number = {2068-2018-702},
      pages = {26},
      year = {1987},
      abstract = {We examine the determination of spot and futures prices in  rational expectations equilibrium in a model with three  groups of agents, agricultural producers, processing firms  and speculators. We find necessary and sufficient  conditions for producers to be short, processors to be  long, and for the futures price to lie below the expected  future spot price (normal backwardation). The conditions  impose plausible restrictions on demand elasticities, and  on the elasticity of substitution in the processing  technology. We use a new technique of analysis which, in  contrast to much of the literature does not require  restrictive assumptions to be imposed upon the structure of  preferences. This paper is circulated for discussion  purposes only and its contents should be considered  preliminary.},
      url = {http://ageconsearch.umn.edu/record/268242},
      doi = {https://doi.org/10.22004/ag.econ.268242},
}