---
title: Does Speculation Increase Volatility in Grain Futures Markets? Evidence from the Interwar Chicago Board of Trade
url: https://www.ml-quant.com/papers/ssrn/5200192/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-09-26
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 5200192
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5200192
featured: 2025-04-02
citations: 4
topic: Derivatives & Volatility
---


# Does Speculation Increase Volatility in Grain Futures Markets? Evidence from the Interwar Chicago Board of Trade

The paper uses new data to investigate if speculators caused volatility in grain futures markets during the interwar period, concluding that speculators did not cause volatility but were attracted to volatile markets.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5200192
- Identifier: SSRN 5200192
- Released: 2022-12-01
- First featured: Quant Letter No. 91 (2025-04-02): https://www.ml-quant.com/issues/2025-04-02/
- Citations (Semantic Scholar): 4
- Published in: not yet
- Topic: Derivatives & Volatility

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