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裴佳慧 · 2025年07月09日

讲义里是不是没有这个理论

NO.PZ2023041004000099

问题如下:

McNeil asks Falk to gather spot and futures price data on live cattle, wheat, and soybeans, which are presented in Exhibit 1. Additionally, she observes that (1) the convenience yield of soybeans exceeds the costs of its direct storage and (2) commodity producers as a group are less interested in hedging in the forward market than commodity consumers are.


Based on Exhibit 1 and McNeil’s two observations, the futures price of soybeans is most consistent with the:

选项:

A.insurance theory.

B.theory of storage.

C.hedging pressure hypothesis.

解释:

In Exhibit 1, the spot price of soybeans is less than the futures price. This observation can be explained only by the hedging pressure hypothesis. According to this hypothesis, hedging pressure occurs when both producers and consumers seek to protect themselves from commodity market price volatility by entering into price hedges to stabilize their projected profits and cash flows. If consumers are more interested in hedging than producers are, the futures price will exceed the spot price. In contrast, the insurance theory predicts that the futures price has to be lower than the current spot price as a form of payment or remuneration to the speculator who takes on the price risk and provides price insurance to the commodity seller. Similarly, the theory of storage also predicts that when a commodity’s convenience yield is greater than its direct storage costs, the futures price will be lower than the spot price.

讲义里是不是没有这个理论

1 个答案

pzqa35 · 2025年07月09日

嗨,努力学习的PZer你好:


都有的,在这个位置,这是本章的一个重要知识点,需要我们掌握的哈:


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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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NO.PZ2023041004000099 问题如下 McNeil asks Falk to gather spot anfutures prita on live cattle, wheat, ansoybeans, whiare presentein Exhibit 1. Aitionally, she observes th(1) the convenienyielof soybeans excee the costs of its restorage an(2) commoty procers a group are less interestein heing in the forwarmarket thcommoty consumers are. Baseon Exhibit 1 anMcNeil’s two observations, the futures priof soybeans is most consistent with the: A.insurantheory. B.theory of storage. C.heing pressure hypothesis. In Exhibit 1, the spot priof soybeans is less ththe futures price. This observation cexplaineonly the heing pressure hypothesis. Accorng to this hypothesis, heing pressure occurs when both procers anconsumers seek to protethemselves from commoty market privolatility entering into prihees to stabilize their projecteprofits ancash flows. If consumers are more interestein heing thprocers are, the futures priwill exceethe spot price. In contrast, the insurantheory prects ththe futures prihto lower ththe current spot pria form of payment or remuneration to the speculator who takes on the pririsk anprovis priinsuranto the commoty seller. Similarly, the theory of storage also prects thwhen a commoty’s convenienyielis greater thits restorage costs, the futures priwill lower ththe spot price. 没搞懂这种题目,这种题目有没有题眼呢?看到哪个就选哪个理论?

2023-08-27 10:11 1 · 回答

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