The results from this research suggest that the spot and futures prices of soybean meal are cointegrated, and there is a feedback between spot and futures prices, and futures market plays more important role in price discovery.
The results from this research suggest that the spot and futures prices of soybean meal are cointegrated, and there is a feedback between spot and futures prices, and futures market plays more important role in price discovery.
研究结果显示：豆粕期货价格与现货价格存在相互引导关系，并且期货与现货价格之间存在长期均衡关系，对豆粕期货来说，期货市场在价格发现功能中起到主导作用。