Test to the Effectiveness of the Corn Futures Market in China

Based on the corn futures which are traded in DEC from 2011 to 2015,according to the market efficiency hypothesis, the paper analyzes the market efficiency of Chinese corn futures with variance ratio test, unit root test and co-integration test. The results show that Chinese corn futures market has met the weak-form efficient market, but there is still room for improvement. Thus it can use the historical data to forecast the future price of corn futures.