Abstract
The purpose of this study is to determine the extent to which canola (Brassica napus L. var. napus) is distinct from soybeans [Glycine max (L.) Merr.] from a marketing perspective. If the supply and demand fundamentals of canola are closely related to those affecting the soybean complex then, from a marketing standpoint, the two crops are substitutes because canola producers and merchandisers can employ marketing strategies similar to those for soybeans. The degree to which canola and soybeans are similarly affected by market fundamentals is measured here by conventional hedging effectiveness analyses. Relationships between canola prices and soybean, soybean oil, and soybean meal futures prices are estimated to determine whether soybean futures markets can be effectively used to crosshedge canola price risk [...]
Published Version
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