The Journal of Futures Markets, Vol. 20, No. 1, 73–87 (2000)Q 2000 by John Wiley & Sons, Inc. CCC 0270-7314/00/010073-15

Robert J. Myers is Professor of Agricultural Economics, Michigan State University.

Originally published in Volume 11, Number 1, 1991, pages 39–53.

74 MYERS

OPTIMAL HEDGE RATIOS 75

76 MYERS

OPTIMAL HEDGE RATIOS 77

78 MYERS

OPTIMAL HEDGE RATIOS 79

80 MYERS

OPTIMAL HEDGE RATIOS 81

82 MYERS

OPTIMAL HEDGE RATIOS 83

84 MYERS

OPTIMAL HEDGE RATIOS 85

86 MYERS

OPTIMAL HEDGE RATIOS 87