Before revision:  The forward and the spot equilibrium commodity prices are endogenously derived as the outcome of the interaction between producers and speculators . Assuming that both are utility maximizers and that the demand shocks and the exogenously priced financial market are correlated, we provide semi-explicit expressions for the equilibrium prices and analyze their dependence on the model parameters.
After revision:  The forward and the spot equilibrium commodity prices are endogenously derived as the outcome of the interaction between producers and speculators . Assuming that both are utility maximizers , we first prove the existence of an equilibrium in an abstract setting. Then, in a framework where the consumers' demand and the exogenously priced financial market are correlated, we provide semi-explicit expressions for the equilibrium prices and analyze their dependence on the model parameters.