Before revision:  We also see that the seasonal model significantly outperforms the nested non-seasonal model in all five markets, and  show which seasonality patterns are particularly well-suited for each market .
After revision:  We also see that the seasonal model significantly outperforms the nested non-seasonal model in all five markets, and show which seasonality patterns are particularly well-suited in each case. We also confirm the importance of correctly modelling the Samuelson effect in order to account for futures with different maturities. Our results are clearly confirmed in a robustness check carried out with an alternative dataset of constant maturity futures for the same agricultural markets .