Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader

Page 1 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=1' data-page='1' class='cut-thumb lazyload' alt='Page 1: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/1.jpg' width='140' height='200' /> Noise Trader Demand in Commodity Futures Markets

by

Dwight R. Sanders, Scott H. Irwin,

and Raymond M. Leuthold

Suggested citation format:

Sanders, D. R., S. H. Irwin, and R. M. Leuthold. 1996. “Noise Trader Demand in Commodity Futures Markets.” Proceedings of the NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. Chicago, IL. [http://www.farmdoc.uiuc.edu/nccc134].

Page 2 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=2' data-page='2' class='cut-thumb lazyload' alt='Page 2: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/2.jpg' width='140' height='200' /> Page 3 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=3' data-page='3' class='cut-thumb lazyload' alt='Page 3: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/3.jpg' width='140' height='200' /> Page 4 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=4' data-page='4' class='cut-thumb lazyload' alt='Page 4: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/4.jpg' width='140' height='200' /> Page 5 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=5' data-page='5' class='cut-thumb lazyload' alt='Page 5: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/5.jpg' width='140' height='200' /> Page 6 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=6' data-page='6' class='cut-thumb lazyload' alt='Page 6: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/6.jpg' width='140' height='200' /> Page 7 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=7' data-page='7' class='cut-thumb lazyload' alt='Page 7: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/7.jpg' width='140' height='200' /> Page 8 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=8' data-page='8' class='cut-thumb lazyload' alt='Page 8: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/8.jpg' width='140' height='200' /> Page 9 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=9' data-page='9' class='cut-thumb lazyload' alt='Page 9: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/9.jpg' width='140' height='200' /> Page 10 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=10' data-page='10' class='cut-thumb lazyload' alt='Page 10: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader' loading='lazy' src='data:image/gif;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mNk+P+/HgAFhAJ/wlseKgAAAABJRU5ErkJggg==' data-src='https://reader042.cupdf.com/reader042/viewer/2022040411/5ed80007f90a4a344d62ead2/html5/thumbnails/10.jpg' width='140' height='200' /> Page 11 <img data-url='document/noise-trader-demand-in-commodity-futures-the-appropriate-demand-specification-for.html?page=11' data-page='11' class='cut-thumb lazyload' alt='Page 11: Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. 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Noise Trader Demand in Commodity Futures Markets · the appropriate demand specification for uninformed traders. Using a commercial market sentiment index as a proxy for noise trader

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