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1、AGRICULTURALPRODUCTSSelf-StudyGuidetoHedgingwithGrainandOilseedFuturesandOptionsInaworldofincreasingvolatility,CMEGroupiswheretheworldcomestomanageriskacrossallmajorassetclasses–interestrates,equityindexes,foreignexchange,energy,agriculturalcommodities,metals,andalternativein
2、vestmentslikeweatherandrealestate.BuiltontheheritageofCME,CBOTandNYMEX,CMEGroupistheworld’slargestandmostdiversederivativesexchangeencompassingthewidestrangeofbenchmarkproductsavailable.CMEGroupbringsbuyersandsellerstogetherontheCMEGlobexelectronictradingplatform.Weprovideyou
3、withthetoolsyouneedtomeetyourbusinessobjectivesandachieveyourfinancialgoals.CMEClearingmatchesandsettlesalltradesandprovidessignificantfinancialresources,whichenhancethecreditworthinessofeverytransactionthattakesplaceinourmarkets.AGRICULTURALPRODUCTSMOREAGRICULTURALFUTURESAND
4、OPTIONS.GREATEROPPORTUNITY.CMEGroupoffersthewidestrangeofagriculturalderivativesofanyexchange,withtradingavailableonavarietyofgrains,oilseeds,livestock,dairy,lumberandotherproducts.Representingthestaplesofeverydaylife,theseproductsofferyouliquidity,transparentpricingandextrao
5、rdinaryopportunitiesinaregulatedcentralizedmarketplacewithequalaccessforallparticipants.Self-StudyGuidetoHedgingwithGrainandOilseedFuturesandOptionsINTHISGUIDEINTRODUCTION3CHAPTER1:THEMARKETS4TheFuturesContract5ExchangeFunctions5MarketParticipants6FinancialIntegrityofMarkets6
6、CHAPTER2:HEDGINGWITHFUTURESANDBASIS9TheShortHedge9TheLongHedge10Basis:TheLinkBetweenCashandFuturesPrices11BasisandtheShortHedger11BasisandtheLongHedger12ImportanceofHistoricalBasis14CHAPTER3:FUTURESHEDGINGSTRATEGIESFORBUYINGANDSELLINGCOMMODITIES17BuyingFuturesforProtectionAga
7、instRisingPrices17SellingFuturesforProtectionAgainstFallingPrices20CHAPTER4:THEBASICSOFAGOPTIONS24WhatIsanOption?24HowAreOptionsTraded?25OptionPricing27IntrinsicValue27TimeValue30OptionPricingModels33WhatCanHappentoanOptionPosition33cmegroup.com/agricultureCHAPTER5:OPTIONHEDG
8、INGSTRATEGIESFORBUYERSOFCOMMODITIES37IntroductiontoRiskManagementStr
