Friday, March 28, 2008

No One Understands Farm Commodities Markets

That's the news on the Times today. For some time now, the cash prices for corn and wheat and the closing price of a futures contract have differed greatly, when they should be the same, assuming the markets are operating correctly.

I don't know if there's a term like schadenfreude (sp?) for my feelings: amusement that reality is more complex than the mighty hidden hand of the economics profession.

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