Realized volatility and correlation in grain futures markets: testing for spillover effects

Fluctuations in commodity prices are a major concern to many market participants. This paper uses realized volatility methods to calculate daily volatility and correlation estimates for three grain futures prices (corn, soybean, and wheat). The realized volatility estimates exhibit properties consistent with the stylized facts observed in earlier studies. According to daily realized correlations and regression coefficients, the spot returns from the three grain futures are positively related. The realized estimates are then used to evaluate the degree of volatility transmission across grain futures prices. The impulse response analysis is conducted by fitting the vector autoregressive model to realized volatility and correlation estimates, using the bootstrap method for statistical inference. The results indicate that rich dynamic interactions exist among the volatilities and correlations across the grain futures markets.

Growth and nutrient utilization of Murray cod Maccullochella peelii peelii (Mitchell) fingerlings fed diets with varying levels of soybean meal and blood meal

The Australian native freshwater fish Murray cod, Maccullochella peelii pellii (Mitchell), currently supports a fledgling inland aquaculture industry, which is thought to have considerable growth potential. The aim of this study was to evaluate the suitability of two alternate protein sources [blood meal (BM) and defatted soybean meal (SBM)] as substitutes for fish meal at various levels of inclusion in diets for juvenile Murray cod. The growth performance of juvenile Murray cod in response to nine isonitrogenous and isocalorific diets (50% protein, 14% lipid, 20.2 kJ g⁻¹) consisting of a control diet in which protein was supplied from fish meal, and test diets in which the fish meal protein was substituted at levels of 8%, 16%, 24%, and 32% with BM or SBM was evaluated from a 70-day growth experiment. The per cent apparent dry matter (% ADC_dm) and percentage protein digestibility (% ADC_p) of the test diets were also determined using Cr₂O₃ as a marker. Survival in all the SBM dietary treatments was high but that of fish on the BM dietary treatments was significantly (P < 0.05) lower than in all the other dietary treatments. Specific growth rate (% day−1) of Murray cod fed SBM incorporated diets ranged from 1.63 ± 0.06 to 1.78 ± 0.10 and even at the highest level tested (32% of the dietary protein from SBM) was not significantly different (P > 0.05) from the fish fed the control diet (1.65 ± 0.09). Feed conversion ratios of the SBM dietary treatments ranged from 1.36 ± 0.08 to 1.45 ± 0.07. The protein efficiency ratios and protein conversion efficiencies of Murray cod in the soybean meal treatments were also good and for a majority of the SBM diets were better than those for the control diet. Per cent ADC_dm and ADC_p of the SBM diets tested ranged from 70.6 ± 1.46 to 72.3 ± 1.81% and 88.6 ± 0.57 to 90.3 ± 0.17%, respectively, and was not significantly different (P > 0.05) from the control diet (% ADC_dm 74.3 ± 1.63; % ADC_p 91.3 ± 0.55). The reasons for significantly poor survival and growth of Murray cod reared on BM incorporated diets, and relatively poor digestibility of these diets are discussed. The study shows that for Murray cod diets in which fish meal protein is substituted up to 32% performance or carcass composition is not compromised.

Microtubule dynamics in compatible and incompatible interactions of soybean hypocotyl cells with Phytophthora sojae

The arrangement of microtubules in soybean (Glycine max) cells was examined during compatible and incompatible interactions of hypocotyls of soybean cv. Harosoy (susceptible) and cv. Haro 1272 (resistant) with race 1 of the soybean-specific pathogen Phytophthora sojae. Both reaction types were similar during the first 3 h after zoospore inoculation in terms of the number of cells penetrated, and depth penetrated into the cortex. By 3 h postinoculation, clear differences had developed between the two interaction types: incompatible interactions were characterized by a hypersensitive response that was confined to single penetrated cells; while compatibly responding cells appeared unchanged. Both types of response were characterized by autofluorescence of cell walls or cytoplasm and, at 6 h after inoculation, complete disorganization of cell cytoplasm. Reorientation and loss of microtubules was seen in the early stages of the incompatible interaction in association with cellular hypersensitivity, but not in compatible responses. In cells adjacent to those that reacted hypersensitively, there was little evidence of change in microtubule orientation. Treatment of hypocotyls with the microtubule depolymerizer oryzalin prior to inoculation did not alter the compatible response, but led to breakdown of the incompatible response. Changes in microtubule orientation and state are thus among the first structural changes that are visible within cells during incompatibility in this system.

Grain size effect on behaviour and microstructure of a warm deformed Ti-IF steel

The effect of grain size on the deformation behaviour in the fenite region of a Titanium stabilized Interstitial Free steel was investigated by hot torsion. The initial work hardening regime is followed by a softening regime where a broad peak stress develops. The peak stress and the stress at final strain were relatively insensitive to grain size. However, at low values of the Zener-Hollomon parameter, the strain to the peak stress was strongly dependent on the grain size. A series of microstructural parameters were examined to explain these observations.

Influence of grain size on the compressive deformation of wrought Mg-3A1-1Zn

The influence of the grain size on the flow stress of extruded Mg–3Al–1Zn tested in compression is examined. Samples with grain sizes varying between 3 and 23 μm were prepared by altering the extrusion conditions. Compression testing of the extruded bar was carried out at temperatures between ambient and 200 °C. Twinning dominated the deformation at lower temperatures but this gave way to slip dominated flow when the temperature was raised. For tests carried out at intermediate temperatures, a similar transition was observed when the grain size was reduced. The transition was accompanied by a change in flow curve shape and Hall–Petch slope. The peak stresses achieved when twinning dominated the deformation were up to 100 MPa greater than those seen when slip dominated the flow. Critical grain sizes marking the twinning–slip transition were identified and these are described in terms of the deformation conditions.

Influence of grain size on hot working stresses and microstructures in Mg-3A1-1Zn

The influence of the grain size on the deformation of Mg–3Al–1Zn was examined in compression at 300 °C. At low strains the flow stress increases with increasing grain size. This is interpreted in terms of dynamic recrystallization. Empirical models of dynamic recrystallization are developed and employed to generate a microstructure map.

Effect of grain size on the deformation and dynamic recrystallization of mg-3AI-1Zn

The influence of grain size on the deformation of extruded Mg-3Al-1Zn tested in tension at temperatures between room temperature and 300°C is investigated. The results enable estimation of the deformation conditions for the transition from slip to twinning dominated flow and for the initiation and completion of dynamic recrystallization. A map illustrating these critical parameters is constructed and it is shown that the operating conditions of the common wrought processes straddle key transitions in microstructure behaviour.

Grain size effect on the warm deformation behaviour of a Ti-IF steel

The effect of grain size on the warm deformation behaviour of a titanium stabilized interstitial free (IF) steel was investigated using hot torsion. The initial work hardening regime is followed by the development of a broad stress peak after which work softening occurs. The hypothetical saturation stress (Estrin–Mecking model) and the stress at final strain were relatively insensitive to grain size. However, the strain to the peak stress was strongly dependent on the grain size at low values of the Zener–Hollomon parameter. A simple phenomenological approach, using a combined Estrin–Mecking model and an Avrami type equation, was used to model the flow curves. The hypothetical saturation stress, the stress at final strain and the strain to peak stress were modelled using three different hyperbolic sine laws. A comparison with independent data from the literature shows that the apparent activation energy of deformation determined in this work (Q=372 kJ/mol) can be used to rationalize the steady-state stress in compression data found in the literature.

Grain refinement in steels through thermomechanical processing

The development of ultrafine grained microstructures in steels has received considerable attention in recent times. In many cases the aim is to produce high strength structural steels with minimal alloying. It is well established that for an equiaxed ferrite with a uniform dispersion of second phase, both the strength and toughness will be markedly improved if the grain size can be reduced to 1-2 μm, from the typical range of 5-10 μm. Means of achieving this through dynamic strain induced transformation are examined here, following a brief overview of some of the key issues encountered when attempting to refine the austenite in existing mill configurations. A number of deformation microstructure maps are developed to aid the discussion.

Formation of ultra-fine ferrite in hot rolled strip: potential mechanisms for grain refinement

A novel single-pass hot strip rolling process has been developed in which ultra-fine (<2 μm) ferrite grains form at the surface of hot rolled strip in two low carbon steels with average austenite grain sizes above 200 μm. Two experiments were performed on strip that had been re-heated to 1250°C for 300 s and air-cooled to the rolling temperatures. The first involved hot rolling a sample of 0.09 wt.%C–1.68Mn–0.22Si–0.27Mo steel (steel A) at 800°C, which was just above the Ar3 of this sample, while the second involved hot rolling a sample of 0.11C–1.68Mn–0.22Si steel (steel B) at 675°C, which is just below the Ar3 temperature of the sample. After air cooling, the surface regions of strip of both steel A and B consisted of ultra-fine ferrite grains which had formed within the large austenite grains, while the central regions consisted of a bainitic microstructure. In the case of steel B, a network of allotriomorphic ferrite delineated the prior-austenite grain boundaries throughout the strip cross-section. Based on results from optical microscopy and scanning/transmission electron microscopy, as well as bulk X-ray texture analysis and microtextural analysis using Electron Back-Scattered Diffraction (EBSD), it is shown that the ultra-fine ferrite most likely forms by a process of rapid intragranular nucleation during, or immediately after, deformation. This process of inducing intragranular nucleation of ferrite by deformation is referred to as strain-induced transformation.

Numerical investigation of austenite grain size distribution in square-diamond pass hot bar rolling

In this study, the austenite grain size (AGS) for hot bar rolling of AISI4135 steel was predicted based on two different AGS evolution models available in the literature. In order to predict the AGS more accurately, both models were integrated with a three-dimensional non-isothermal finite element program by implementing a modified additivity rule. The predicted results based on two models for the square-diamond (S-D) and round-oval (R-O) pass bar rolling processes were compared with the experimental data available in the literature. Then, numerical predictions depending on various process parameters such as interpass time, temperature, and roll speed were made to compare both models and investigate the effect of these parameters on the AGS distributions. Such numerical results were found to be beneficial to understand the effect of the microstructure evolution model on the rolling processes better and control the processes more accurately.