文章基本信息

标题：AN ANALYSIS OF FACTORS AFFECTING THE REGIONAL COTTON BASIS
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作者：Seamon, V. Frederick ; Kahl, Kandice H.
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2000
期号：SUPPL
出版社：Food Distribution Research Society
摘要：Few empirical basis studies have examined the basis in multiple regions and few haveconcentrated on cotton. This paper addresses this topic, examining consumption market factorsthat affect the cotton basis in five U.S. cotton production regions. The seemingly unrelatedregression results indicate that the following factors are significant in explaining the basis: totalU.S. cotton stocks and the ratio of foreign cotton stocks to foreign mill use in the Southeast andNorth Delta regions; regional stocks, the opportunity cost of storage and the foreign stocks touse ratio in the West Texas region; and regional stocks, total U.S. stocks, the opportunity cost ofstorage, and the foreign stocks to use ratio in the Desert Southwest and San Joaquin Valleyregions. All significant coefficients have the hypothesized signs except the coefficient for theopportunity cost of storage and the coefficient for the ratio of foreign stocks to foreign mill use intwo regions. The results indicate that the cotton basis in different regions is typically affected bydifferent factors.
关键词：cotton basis; futures markets