Relationship between spot and futures prices: The case of global food commodities

Global debates about determining the direction of relationship between commodity futures and spot prices reflect the importance of this issue. Resolving the debate will guide different economic agents to make correct decisions. The aim of this paper is to empirically investigate the direction of relationship between food spot and futures prices using different methodologies so as to resolve the debate. In addition, it is important to know which market could cause price volatilities to the other market, and thus, addressing price volatilities in a correct way. The paper conducts linear and non-linear ranger causality tests along with cointegration and error correction model and concludes with mixed findings. Specifically, linear and nonlinear Granger causality tests found evidence that food futures prices cause food spot prices. This suggests that food futures markets lead the price discovery process, and hence, the direction of information flows goes from food futures markets to food spot markets, and accordingly, any price volatilities in futures markets lead to price volatilities in spot markets. In contrast, the cointegration and error correction model found evidence that food spot prices cause food futures prices. This suggests that food spot markets lead the price discovery process, and hence, the direction of information flows goes from food spot markets to food futures markets, and accordingly any price volatilities in food spot markets lead to price volatilities in futures markets. Based on these differences in the obtained results, the current paper suggests the cointegration and error correction  model is preferable since it provides a more formal framework for examining the short-run dynamics and testing for the equilibrium relationship among economic variables. Special attention to alternative instruments, such as the implementation of a global virtual reserve, should be  highlighted so as to minimize speculative attacks and avoid excessive spikes of prices in spot and futures markets. This implies the importance of adopting the possible protectionist measures by developing countries in order to hedge against the negative reflections of global food price volatility. Key words: Food markets, futures prices, spot prices, causality tests, cointegration analysi

Correlation effects in Ni 3d states of LaNiPO

The electronic structure of the new superconducting material LaNiPO experimentally probed by soft X-ray spectroscopy and theoretically calculated by the combination of local density approximation with Dynamical Mean-Field Theory (LDA+DMFT) are compared herein. We have measured the Ni L2,3 X-ray emission (XES) and absorption (XAS) spectra which probe the occupied and unoccupied the Ni 3d states, respectively. In LaNiPO, the Ni 3d states are strongly renormalized by dynamical correlations and shifted about 1.5 eV lower in the valence band than the corresponding Fe 3d states in LaFeAsO. We further obtain a lower Hubbard band at -9 eV below the Fermi level in LaNiPO which bears striking resemblance to the lower Hubbard band in the correlated oxide NiO, while no such band is observed in LaFeAsO. These results are also supported by the intensity ratio between the transition metal L2 and L3 bands measured experimentally to be higher in LaNiPO than in LaFeAsO, indicating the presence of the stronger electron correlations in the Ni 3d states in LaNiPO in comparison with the Fe 3d states in LaFeAsO. These findings are in accordance with resonantly excited transition metal L3 X-ray emission spectra which probe occupied metal 3d-states and show the appearance of the lower Hubbard band in LaNiPO and NiO and its absence in LaFeAsO.Comment: 6 pages, 5 figure

Development of a polymeric piezoelectric C-block actuator using hybrid optimization technique

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/76810/1/AIAA-13031-236.pd

Intestinal Epithelial Cell-Specific Deletion of PLD2 Alleviates DSS-Induced Colitis by Regulating Occludin

Ulcerative colitis is a multi-factorial disease involving a dysregulated immune response. Disruptions to the intestinal epithelial barrier and translocation of bacteria, resulting in inflammation, are common in colitis. The mechanisms underlying epithelial barrier dysfunction or regulation of tight junction proteins during disease progression of colitis have not been clearly elucidated. Increase in phospholipase D (PLD) activity is associated with disease severity in colitis animal models. However, the role of PLD2 in the maintenance of intestinal barrier integrity remains elusive. We have generated intestinal specific Pld2 knockout mice (Pld2 IEC-KO) to investigate the mechanism of intestinal epithelial PLD2 in colitis. We show that the knockout of Pld2 confers protection against dextran sodium sulphate (DSS)-induced colitis in mice. Treatment with DSS induced the expression of PLD2 and downregulated occludin in colon epithelial cells. PLD2 was shown to mediate phosphorylation of occludin and induce its proteasomal degradation in a c-Src kinase-dependent pathway. Additionally, we have shown that treatment with an inhibitor of PLD2 can rescue mice from DSS-induced colitis. To our knowledge, this is the first report showing that PLD2 is pivotal in the regulation of the integrity of epithelial tight junctions and occludin turn over, thereby implicating it in the pathogenesis of colitis

The JNK Inhibitor XG-102 Protects against TNBS-Induced Colitis

The c-Jun N-terminal kinase (JNK)-inhibiting peptide D-JNKI-1, syn. XG-102 was tested for its therapeutic potential in acute inflammatory bowel disease (IBD) in mice. Rectal instillation of the chemical irritant trinitrobenzene sulfonic acid (TNBS) provoked a dramatic acute inflammation in the colon of 7–9 weeks old mice. Coincident subcutaneous application of 100 µg/kg XG-102 significantly reduced the loss of body weight, rectal bleeding and diarrhoea. After 72 h, the end of the study, the colon was removed and immuno-histochemically analysed. XG-102 significantly reduced (i) pathological changes such as ulceration or crypt deformation, (ii) immune cell pathology such as infiltration and presence of CD3- and CD68-positive cells, (iii) the production of tumor necrosis factor (TNF)-α in colon tissue cultures from TNBS-treated mice, (iv) expression of Bim, Bax, FasL, p53, and activation of caspase 3, (v) complexation of JNK2 and Bim, and (vi) expression and activation of the JNK substrate and transcription factor c-Jun. A single application of subcutaneous XG-102 was at least as effective or even better depending on the outcome parameter as the daily oral application of sulfasalazine used for treatment of IBD

Role of Cancer Microenvironment in Metastasis: Focus on Colon Cancer

One person on three will receive a diagnostic of cancer during his life. About one third of them will die of the disease. In most cases, death will result from the formation of distal secondary sites called metastases. Several events that lead to cancer are under genetic control. In particular, cancer initiation is tightly associated with specific mutations that affect proto-oncogenes and tumour suppressor genes. These mutations lead to unrestrained growth of the primary neoplasm and a propensity to detach and to progress through the subsequent steps of metastatic dissemination. This process depends tightly on the surrounding microenvironment. In fact, several studies support the point that tumour development relies on a continuous cross-talk between cancer cells and their cellular and extracellular microenvironments. This signaling cross-talk is mediated by transmembrane receptors expressed on cancer cells and stromal cells. The aim of this manuscript is to review how the cancer microenvironment influences the journey of a metastatic cell taking liver invasion by colorectal cancer cells as a model

Activation of c-Src tyrosine kinase mediated the degradation of occludin in ventilator-induced lung injury

BACKGROUND: Ventilator-induced lung injury (VILI) is characterized by increased alveolar permeability, pulmonary edema. The tyrosine kinase, c-Src, is involved in VILI but its role has not been fully elucidated. This study examined the relationship between c-Src activation and occludin levels in VILI both in vitro and in vivo. METHODS: For the in vivo study, Wistar rats were randomly divided into five groups: control (group C); normal tidal volume (group M); normal tidal volume + c-Src inhibitor (PP2) (group M + P); high tidal volume (group H); and high tidal volume + c-Src inhibitor (PP2) (group H + P). Rats in all groups but group C underwent mechanical ventilation for 4 h. For the in vitro study, MLE-12 cells pretreated with PP2 and siRNA underwent cyclic stretching at 8% or 20% for 0, 1, 2 and 4 h. The expressions of occludin, c-Src, and p-c-Src were analyzed by western blotting, hematoxylin and eosin (HE) staining, and immunofluorescence. RESULTS: For the in vivo study, rats in group H showed decreased occludin expression and activated c-Src compared with group C. HE staining and lung injury score showed more severe lung injury and alveolar edema in group H compared with group M and group C. Group H + P had less pulmonary edema induced by the high tidal volume ventilation. For the in vitro study, occludin expression decreased and c-Src activation increased as indicated by the phosphorylation of c-Src over time. Consistently, PP2 could restore occludin levels. CONCLUSIONS: Mechanical ventilation can activate c-Src by phosphorylation and increase the degradation of occludin. c-Src inhibitor can ameliorate barrier function and lung injury by up-regulating occludin

Antiglycation and antioxidant properties of Momordica charantia

The accumulation of advanced glycation endproducts (AGEs) and oxidative stress underlie the pathogenesis of diabetic complications. In many developing countries, diabetes treatment is unaffordable, and plants such as bitter gourd (or bitter melon; Momordica charantia) are used as traditional remedies because they exhibit hypoglycaemic properties. This study compared the antiglycation and antioxidant properties of aqueous extracts of M. charantia pulp (MCP), flesh (MCF) and charantin in vitro. Lysozyme was mixed with methylglyoxal and 0–15 mg/ml of M. charantia extracts in a pH 7.4 buffer and incubated at 37°C for 3 days. Crosslinked AGEs were assessed using gel electrophoresis, and the carboxymethyllysine (CML) content was analyzed by enzyme-linked immunosorbent assays. The antioxidant activities of the extracts were evaluated using assays to assess DPPH (1,1-diphenyl-2-picryl-hydrazyl) and hydroxyl radical scavenging activities, metal-chelating activity and reducing power of the extracts. The phenolic, flavonol and flavonoid content of the extracts were also determined. All extracts inhibited the formation of crosslinked AGEs and CML in a dose-dependent manner, with MCF being the most potent. The antioxidant activity of MCF was higher than that of MCP, but MCP showed the highest metal-chelating activity. MCF had the highest phenolic and flavonoid contents, whereas MCP had the highest flavonol content. M. charantia has hypoglycaemic effects, but this study shows that M. charantia extracts are also capable of preventing AGE formation in vitro. This activity may be due to the antioxidant properties, particularly the total phenolic content of the extracts. Thus, the use of M. charantia deserves more attention, as it may not only reduce hyperglycaemia but also protect against the build-up of tissue AGEs and reduce oxidative stress in patients with diabetes