ISBN-10:
0137799438
ISBN-13:
9780137799435
Pub. Date:
08/04/1998
Publisher:
Prentice Hall
Agricultural Futures and Options : Principles and Strategies / Edition 2

Agricultural Futures and Options : Principles and Strategies / Edition 2

by Wayne D. Purcell, Stephen R. Koontz

Hardcover

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Product Details

ISBN-13: 9780137799435
Publisher: Prentice Hall
Publication date: 08/04/1998
Edition description: 2ND
Pages: 400
Product dimensions: 7.90(w) x 9.90(h) x 0.90(d)

Table of Contents

Preface ix
CHAPTER 1 The Basics of Commodity Futures
1(31)
Commodity Futures: What
2(9)
How Trade Is Conducted
3(2)
The Accounting Process
5(3)
Months Traded and Why
8(3)
Commodity Futures: Why
11(9)
Commodity Futures and Price Discovery
11(4)
The Hedging Mechanism
15(5)
Commodity Futures: How
20(7)
Hedgers' Strategies
20(5)
Speculators' Strategies
25(2)
Futures Market Regulation
27(1)
Summary
28(1)
Key Points
28(1)
Useful References
29(1)
Appendix 1A: Contracts, Contract Sizes, Exchanges
30(1)
Appendix 1B: Months for Which Futures Are Traded by Commodity
31(1)
CHAPTER 2 Cash-Futures Basis: The Concept, Uses, Issues
32(24)
Calculating and Recording
32(4)
Level of Basis
36(2)
Basis as a Barometer
38(2)
Uses of Basis Patterns
40(6)
Basis as a Decision Criterion
46(4)
Basis Contract
46(1)
Delayed Pricing Contracts
47(1)
Sell Cash, Buy Futures
48(2)
Basis Contracts in Production Programs
50(1)
Summary
51(1)
Key Points
52(1)
Useful References
53(1)
Appendix 2A: Speculation and Tax Implications
54(2)
CHAPTER 3 Fundamental Analysis: Supply and Demand
56(48)
Introduction
56(1)
The Supply-Demand Framework
57(3)
The Supply Side: Crops
60(8)
The Demand Side: Crops
68(1)
Ending Stocks
69(3)
The Supply Side: Livestock
72(12)
Seasonal Patterns: Cattle
74(6)
Seasonal Patterns: Hogs
80(4)
The Demand Side: Livestock and Poultry
84(7)
Monitoring Short-Run Demand
91(2)
Summary
93(1)
Key Points
94(1)
Useful References
95(1)
Appendix 3A: USDA Information Services
96(3)
Appendix 3B: Models and Applications
99(5)
CHAPTER 4 Technical Analysis: The Bar Chart
104(63)
Introduction
104(1)
Technical Analysis in Perspective
104(1)
The Bar Chart
105(42)
Trend Lines
106(5)
Resistance Planes
111(7)
Support Planes
118(3)
Double Tops, Bottoms
121(3)
Head-and-Shoulders Formations
124(4)
Key Reversals
128(2)
Hook Reversals
130(3)
Consolidation Patterns
133(8)
Additional Chart Signals
141(6)
Complements to Chart Patterns
147(7)
Trading Volume
147(1)
Open Interest
148(3)
Relative Strength Index
151(3)
Analysis of the 1996, 1997, 1998 Corn Futures
154(5)
Long-Term Bar Charts
159(1)
Summary
160(1)
Key Points
160(1)
Useful References
161(1)
Appendix 4A: Types of Orders and Demonstrations of Use
162(5)
CHAPTER 5 Technical Analysis: Alternatives to Bar Charts
167(19)
Point-and-Figure Charts
167(7)
Moving Averages
174(6)
Summary
180(1)
Key Points
181(1)
Useful References
181(2)
Appendix 5A: Moving Averages: Added Discussion, Refinements
183(3)
CHAPTER 6 Psychology of the Markets
186(17)
Introduction
186(1)
The Herd Complex
186(2)
Aids to Discipline
188(11)
Open Interest
188(2)
Relative Strength Index
190(2)
Positions of Traders
192(1)
Chart-Related Aids
193(3)
Alternatives to Bar Charts
196(3)
An Overall Philosophy
199(2)
Summary
201(1)
Key Points
201(1)
Useful References
202(1)
CHAPTER 7 Options on Futures Contracts
203(54)
Introduction
203(1)
Basic Options Trading
204(9)
Combining Cash with Futures and Options Positions
213(3)
Basic Strategies for Forward-Pricing with Options
216(4)
Comparing Price Floors, or, What Option to Choose?
220(1)
When to Use Options
221(4)
More Advanced Options Trading
225(7)
Advanced Strategies for Forward-Pricing with Options
232(4)
Option Pricing with Black's Formula
236(9)
Historical Volatility and Implied Volatility
245(3)
Other Advanced Strategies for Forward-Pricing with Options
248(3)
Distribution of Futures Prices and Returns to Hedging
251(2)
Summary
253(2)
Key Points
255(1)
Useful References
256(1)
CHAPTER 8 Currency Markets and Exchange Rate Futures
257(18)
Introduction
257(1)
Currency and Exchange Rate Basics
258(2)
Exchange Rate Trading Examples
260(2)
Exchange Rate Hedging Examples
262(4)
Pricing Models
266(3)
Exchange Rate Fundamentals
269(3)
Summary
272(1)
Key Points
273(1)
Useful References
274(1)
CHAPTER 9 Interest Rate Futures
275(27)
Introduction
275(2)
Interest Rate and Debt Pricing Basics
277(6)
Interest Rate Futures Trading Examples
283(2)
Interest Rate Hedging Examples
285(10)
Interest Rate Fundamentals
295(3)
Summary
298(2)
Key Points
300(1)
Useful References
300(2)
CHAPTER 10 Index Futures Contracts
302(21)
Introduction
302(1)
Definition of Various Common Indexes
303(4)
Index Trading Examples
307(3)
Index Hedging Examples
310(6)
Index Pricing Models
316(1)
Index Fundamentals
317(3)
Summary
320(1)
Key Points
321(1)
Useful References
322(1)
CHAPTER 11 Price Risk Management Strategies
323(39)
Introduction
323(1)
Attitude Toward Risk
324(2)
Financial Position of the Firm
326(2)
Management Ability
328(1)
Management Strategies
329(30)
Conservative Strategies
329(6)
Intermediate Hedging Strategies
335(16)
Sophisticated Hedging Strategies
351(8)
Hedging Strategies in Perspective
359(1)
Summary
360(1)
Key Points
360(1)
Useful References
361(1)
CHAPTER 12 Cash-Futures Relationships: Causes and Criticisms
362(20)
Some Common Conceptions and Misconceptions
363(8)
Futures Trade Is Not Needed
363(2)
Futures Prices Cause Breaks in the Cash Market
365(5)
Futures Trade Increases Variability in Cash Prices
370(1)
The Supply Response Issue
371(2)
The Convergence Issue
373(3)
Basis Problems
375(1)
Cash Settlement Issues, Concerns
376(2)
An Overall Observation
378(1)
Summary
379(1)
Key Points
380(1)
Useful References
380(2)
CHAPTER 13 An Overall Perspective
382(9)
Background
382(2)
The Total Picture
384(5)
A Final Word
389(1)
Useful References
390(1)
Glossary 391(6)
Index 397

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Agricultural Futures and Options : Principles and Strategies 5 out of 5 based on 0 ratings. 1 reviews.
Guest More than 1 year ago
Words cannot express the insight that this title will give you into the heart and mind of the agricultural business. It approaches the subject with open arms and gives it a great big bear hug until veins throb and burst. You will denounce your religion in favor of your new god (this book). Highly recommended, especially the chapters on animal husbandry (II) and making love to relatives in your Ford pickup (IV, VII, XI, and most of XXI).