Agricultural Futures and Options. A Guide to Using North by Richard Duncan

By Richard Duncan

Agricultural futures and recommendations has been written for the capability and genuine clients of agricultural futures markets yet also needs to offer an invaluable creation to the extra educational scholars of the subject.

Divided into 3 elements, the 1st examines the North American markets with chapters on Chicago, definitions, hedgers, commodity buying and selling advisors, recommendations, big apple and the Winnipeg community.

Part 2's learn of the ecu markets seems to be at delicate commodities and the London Fox, the London Grain Futures marketplace, meat futures, potato futures and soya bean meal futures.

Investing and investor safeguard is the topic of half three. directions are supplied for starting and servicing an account and one other bankruptcy offers with rules

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E. those who have bought (longs) will subsequently resell their contracts before the date for possible physical delivery arrives; and those who have sold short will buy back their contracts (whether at a profit or at a loss is immaterial) before the date arrives on which they might be required to make a physical delivery. The reasons for this paradox are twofold. Firstly, the awareness of pos­ sible physical delivery must always be present, if the contract is to be meaningful for the hedgers. Otherwise the speculative element might get carried away from time to time; and the futures prices would have a life of their own which was in no way linked to the realities of the value of the underlying commodity.

Discipline in following all routine procedures is vital. The client demands extreme speed and extreme precision from his broker, although one could see an inherent contradiction between these two demands. A grain dealer in New York or a soyabean processor near Rotterdam or a cattle yard operator in Oklahoma will have telephoned to his futures broker to bark an order for immediate execution. The broker, before even finishing his brief conversation with his customer, will have grabbed another telephone and started to give the order to his colleague on the telephone team on the CBOT or the CME.

What about the Khleb? 85). In Khleb's thinking, he sold at 5 over July and he bought at 3 over July: hence his 2 cents profit. It is generally believed that, on their futures position, hedgers lose more often than they gain. However, futures are a necessary but secondary part of a hedger's commercial activity, whereas the futures are everything for the speculator. Hedging and the insurance analogy Thousands of pages have been written in various learned books about the notion that futures offer to hedgers such as Khleb a form of insurance mechanism, against risks which a large grain dealer cannot carry on his own shoulders.

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