“…The question of to what extent, if any, have livestock futures markets experienced periods of downward bias has generated much empirical research. See, for example, Martin and Garcia (1981), Kolb and Gray (1983), Hayenga et al (1984), and more recently, Deaves and Krinsky (1995), and Kastens and Schroeder (1995). In a similar vein, hedging returns for livestock producers would be limited if corn and soybean meal futures prices are biased upward.…”