My lifelong fascination with commodity markets started as a young boy tagging along with my father to check the latest prices from ‘Chicago’ at our local grain elevator. I have had the good fortune of being able to continue research on these ever changing markets for my entire professional career. Specific research interests include price analysis and forecasting, forecast evaluation, performance of market advisory services, agricultural risk management, commodity market efficiency, and the behavior and role of speculators in commodity markets. My focus has always been on research that (hopefully) addresses timely and relevant questions of broad interest to market participants, regulators, and policymakers. A notable example is AgMAS, a long-term research project to provide unbiased and rigorous performance evaluations of agricultural market advisory services. The research results have been widely-used by U.S. farmers in deciding whether to subscribe to an advisory service and have also provided the foundation for a new generation of grain market ‘averaging’ contracts. Most recently, I have been an active participant in the world-wide debate about the market impact of financial index investment in commodity markets, popularly known as “financialization.”
This section includes links to my most recent research publications and presentations. Many of my conference papers can be found at the AgEcon Search and NCCC-134 websites. You can also track citations to my research articles at this personalized Google Scholar page.
Recently Published Journal Articles (View All Articles)
Are USDA Reports Still News to Changing Crop Markets? Food Policy, Available online March 12, 2019.
Trilogy for Troubleshooting Convergence: Manipulation, Structural Imbalance, and Storage Rates Journal of Commodity Markets, Available online December 5, 2018.
Information Transmission between Hog Futures and Expert Price Forecasts Journal of Agribusiness 38(2018):21-39.
Financialization and the Returns to Commodity Investments Journal of Commodity Markets 10(2018):22-28.
Speculation and Corn Prices Applied Economics 50(2018):4724-4744.
Mapping Algorithms, Agricultural Futures, and the Relationship between Commodity Investment Flows and Crude Oil Futures Prices Energy Economics 72(2018):486-504.
USDA Announcement Effects in Real-Time American Journal of Agricultural Economics 100(2018):1151–1171.
Do Markets Correct for Smoothing in USDA Crop Production Forecasts? Evidence from Private Analysts and Futures Prices Applied Economic Perspectives and Policy 39(2017):559-583.
Estimating the Cost of Pre-Harvest Forward Contracting Corn and Soybeans in Illinois Before and After 2007 Agribusiness33(2017):358-377.
New Evidence That Index Traders Did Not Drive Large Bubbles in Grain Futures Markets Journal of Agricultural and Resource Economics 42(2017):45-67.
Bubbles, Froth, and Facts: Another Look at the Masters Hypothesis in Commodity Futures Markets Journal of Agricultural Economics 68(2017):345-365.
Forthcoming Journal Articles
The Changing Role of USDA Inventory Reports in Livestock Markets Journal of Agricultural and Resource Economics
Writing Papers in Economics Using FaKe LaTeX Journal of Economic Surveys
A Problem of Zeros: The Misbehavior of Simple Bid-Ask Spread Estimators (February 2019)
Is the Supply Curve for Commodity Futures Contracts Upward Sloping? (February 2019)
Returns to Investing in Commodity Futures: Separating the Wheat from the Chaff (January 2019)
The Price of Biodiesel RINs and Economic Fundamentals (October 2018)
Fundamentals and Grain Futures Markets (September 2018)
Evolution of the Impact of USDA Information in Crop and Livestock Markets (July 2018)
Are Agricultural Commodity Futures Getting Noisier? The Impact of High Frequencing Quoting in the Corn Market (October 2016)
Behavioral Biases in Grain Marketing: Evidence from Market Advisory Service Recommendations (January 2009)
How to Hedge Selectively: A Bayesian Approach (November 2008)
The Profitability of Technical Trading Rules in US Futures Markets:A Data Mining Free Test (May 2005)
Heterogeneity in Economic Behavior (May 2004)
farmdoc Publication Series
Marketing & Outlook Briefs (View Archived Publications)
USDA Corn and Soybean Acreage Estimates and Yield Forecasts: Dispelling Myths and Misunderstandings (Mar 2011)
Agricultural Policy Briefs (View Archived Publications)
Could a Variable Ethanol Blenders' Tax Credit Work? (Oct 2010)
Marketing & Outlook Research Reports (View Archived Publications)
Evaluation of Selected USDA WAOB and NASS Forecasts and Estimates in Corn and Soybeans (Jan 2014)
AgMAS Reports (View Archived Publications)
Report 2012-02: The Pricing Performance of Market Advisory Services in Cattle Over 1995-2004 (June 2012)
Report 2012-01: The Pricing Performance of Market Advisory Services in Hogs Over 1995-2004 (June 2012)
Original Version of Writing Papers in Economics Using FaKe LaTeX (April 2019)
Fake LaTeX Template (April 2019)
FaKe Beamer Powerpoint template (April 2019)
Latin Modern Roman fonts and Latin Modern Math font (April 2019)
The Price of Biodiesel RINs and Economic Fundamentals NBER Working Paper No. 25341, Issued in December 2018
Futures Market Regulation (March 2018) American Enterprise Institute series on Agricultural Policy in Disarray: Reforming the Farm Bill
Letter in Response to Wall Street Journal Op-Ed "Ethanol Hostages on Capitol Hill (Dec 2017)
Scott Irwin Answers Kocieniewski (Jan 2014) Guest blog post at Streetwise Professor
December 2013 NYT article and Links to Responses (Feb 2014)
Solving the Commodity Markets’ Non-Convergence Puzzle (August 2013) Amber Waves
Bubbles, Food Prices, and Speculation: Evidence from the CFTC’s Daily Large Trader Data Files (May 2013) NBER Working paper No. 19065
What We’ve Learned About Speculation (Oct 2012) Open Markets blog post
Blaming Energy Futures for Energy’s Current Costs (May 2012) Op-Ed in The Washington Times
The Impact of Index and Swap Funds on Commodity Futures Markets: Preliminary Results (Jun 2010) OECD Working Paper
The Impact of Index and Swap Funds in Commodity Futures Markets (Jun 2010) OECD Technical Report
Index Funds and Commodity Prices... Here We Go Again (Jul 2009) Guest blog post at Econbrowser
Comments on Permanent Senate Subcommittee on Investigations Report "Excessive Speculation in the Wheat Market" (Jul 2009)
Market Instability in a New Era of Corn, Soybean, and Wheat Prices (Apr 2009)
Choices, 1st Quarter 2009, 24(1)
The Misadventures of Mr. Masters: Act II (Sep 2008)
Guest blog post at Econbrowser
Futures Imperfect (Jul 2008)
Op-Ed in the New York Times
Is Speculation by Long-Only Index Funds Harmful to Commodity Markets? (Jul 2008)
Testimony Prepared for the U.S. House of Representatives Committee on Agriculture
Recent Convergence Performance of CBOT Corn, Soybean, and Wheat Futures Contracts (Jul 2008)
Choices, 2nd Quarter 2008, 23(2)
Recent Delivery Performance of CBOT Corn, Soybean, and Wheat Futures Contracts (Apr 2008)
Statement to the CFTC Agricultural Forum
Commodity Arbitrage (Apr 2008)
Guest blog post at Econbrowser
The Performance of Chicago Board of Trade Corn, Soybean, and Wheat Futures Contracts after Recent Changes in Speculative Limits (May 2007)
Presentations and Interviews
Trilogy for Troubleshooting Convergence: Manipulation, Structural Imbalance, and Storage Rates (April 2018)
Paper presented at "Protecting America's Agricultural Markets: An Agricultural Commodity Futures Conference," jointly sponsored by the Commodity Futures Trading Commission (CFTC) and the Center for Risk Management Education and Research at Kansas State University.
Bubbles, Froth, and Facts: The Masters Hypothesis and Recent Food Commodity Price Spikes (June 2014)
Keynote presentation at the IAMO Forum 2014, "The Rise of the 'Emerging Economies": Towards Functioning Agricultural Markets and Trade Relations
Futures Markets and Speculation: Lessons from the Past for Today (Oct 2012)
Chancellor’s Illinois Lecture
How Agricultural Economics Saved Futures Markets: An Untold Story of Leadership (Oct 2011)
William K. Deal Leadership Lecture, Iowa State University
Surveillance Midday (April 2011)
Interview with Tom Keene on Bloomberg Television
Feud Over Food Futures (Jan 2011)
Interview on CNBC
Feeding Frenzy (Jan 2011)
Interview on the BBC Radio 4 Program: "Face The Facts"
Devil or Angel: The Role of Speculation in the Recent Commodity Price Boom (Nov 2008)
Farrell Distinguished Public Policy Lecture, Department of Food, Agricultural, and Resource Economics, University of Guelph, Ontario, Canada
300 Bushels in Every Field? The Rising Debate about Corn Trend Yields (Apr 2008)
34th James C. Snyder Lecture to the Department of Agricultural Economics, Purdue University
What I Wish I Knew 20 Years Ago about Writing and Submitting Journal Articles (Jul 2007)
Organized symposium presentation at the 2007 Annual Meeting of the American Agricultural Economics Association. The session was entitled, " Guidelines on Writing and Submitting Journal Articles."
Writing Competitive, Outstanding Proposals (Jul 2005)
Organized Symposium Presentation at the 2005 Annual Meeting of the American Agricultural Economics Association. The session was entitled, "Preparing Social Science Research Proposals: Competing with Small Fish in a Big Pond, or Small Fish in a Small Pond?"