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An Examination of the Shrimp Futures Market

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Abstract
  • The only two seafood commodities traded in futures markets are frozen white and black tiger shrimps on the Minneapolis Grain Exchange (MGE). These two contracts, however, have failed to attract the expected trade volume based on the underlying shrimp cash market flow. First, we investigate the hedging effectiveness of these contracts. Then we also try to determine the adequacy of the premiums/discounts for non-par deliveries associated with the various shrimp size categories traded in each contract. Finally, we attempt to determine whether these contracts are unbiased predictors of cash market prices. The analyses indicate that the hedging effectiveness of both contracts is relatively modest. It is concluded that part of the explanation for the performance of the contracts resides in high deliverable category exchange option values, which stem from volatility in the price differentials between size categories. Results indicate ineffective premiums/discounts and poor predic tive ability of both contracts.
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  • Martínez-Garmendia, J. and J.L. Anderson. An Examination of the Shrimp Futures Market. In: Microbehavior and Macroresults:Proceedings of the Tenth Biennial Conference of the International Institute ofFisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA.Compiled by Richard S. Johnston and Ann L. Shriver. InternationalInstitute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.
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  • Johnston, Richard S.
  • Shriver, Ann L.
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  • International Institute of Fisheries Economics and TradeU.S. National Marine Fisheries ServiceMG Kailis Group
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