Price transmission between futures and spot prices is a relevant issue, dealing with derivatives exchange for price management practices and efficient price discovery. Indeed, due to the increased market orientation of the Common Agricultural Policy, the development of new market strategies is of utmost importance for European farmers. In this context, this study examines the degree of transmission for the corn commodity between global futures price in either the Chicago Board of Trade or Euronext and the spot prices for a selection of Member States of the European Union. This study provides critical insights into the shape of the futures–spot price transmission, confirming a long-run relationship and a cointegrating behaviour of price sets. [EconLit Citations: Q02, Q14, E3].

中文翻译：

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欧盟玉米市场的期货-现货价格传导

期货和现货价格之间的价格传递是一个相关问题，涉及价格管理实践和有效价格发现的衍生品交易所。事实上，由于共同农业政策的市场导向日益增强，制定新的市场战略对欧洲农民来说至关重要。在此背景下，本研究考察了芝加哥期货交易所或泛欧交易所全球期货价格与欧盟部分成员国现货价格之间玉米商品的传导程度。本研究为期货-现货价格传导的形态提供了重要见解，证实了价格集的长期关系和协整行为。[EconLit 引文：Q02、Q14、E3]。