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Why Have Some Farmers Opposed Futures Markets?

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  • Pashigian, B Peter

Abstract

A self-interest explanation is presented for opposition by some farm groups to futures markets. During the twenties and thirties, political oppositi on to futures markets was greater in the grain-producing states. The line elevator companies were prominent in these states and not others , and used futures prices to facilitate a buying cartel. Futures pric es were used to derive a suggested buying price for elevator purchase s in each local market. The political opposition to futures by farmer s was designed to raise the cost of operating local cartels. Politic al opposition was greater, and gross profit margins of elevators were higher in state with line elevators. Copyright 1988 by University of Chicago Press.

Suggested Citation

  • Pashigian, B Peter, 1988. "Why Have Some Farmers Opposed Futures Markets?," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 371-382, April.
    • Handle: RePEc:ucp:jpolec:v:96:y:1988:i:2:p:371-82
    DOI: 10.1086/261541
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    Cited by:

    1. Modena, Matteo, 2011. "Agricultural commodities and financial markets," MPRA Paper 36416, University Library of Munich, Germany, revised 30 Sep 2011.
    2. Baines, Joseph, 2017. "Accumulating through Food Crisis? Farmers, Commodity Traders and the Distributional Politics of Financialization," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 24(3), pages 497-537.
    3. Jacks, David S., 2007. "Populists versus theorists: Futures markets and the volatility of prices," Explorations in Economic History, Elsevier, vol. 44(2), pages 342-362, April.
    4. Lazzarini, Sergio G. & Carvalho de Mello, Pedro, 2001. "Governmental versus self-regulation of derivative markets: examining the U.S. and Brazilian experience," Journal of Economics and Business, Elsevier, vol. 53(2-3), pages 185-207.

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