Futures Contract

choi

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Michael M. Phillips, Finance Overhaul Casts Long Shadow on the Plains. Wall
Street Journal, July 13, 2010.
http://online.wsj.com/article/SB10001424052748704258604575361182317501188.html

My comment:
(a) The report gave a detailed account why farmers and ranchers are
enthusiastic about futures. Still it did not explain why the farmer did not
deliver the goods at the time specified, why he had to put in extra cash if
prices rise; or why no goods are delivered eventually.
(b) Today I found a terrific helper.

Please read (1) to (3) in

Futures Fundamentals. Investopedia.org
http://www.investopedia.com/university/futures/default.asp

* derivative
http://www.investopedia.com/terms/d/derivative.asp

(c) hundredweight (n): "a unit of weight equal to 100 pounds —called also
short hundredweight" (this is in US, whereas in UK the weight is heavier)
www.m-w.com
(d) For the origin of futures, see

(i) futures contract
http://en.wikipedia.org/wiki/Futures_contract
(section 1 Origin)
(ii) Dōjima Rice Exchange 堂島米市場/堂島米会所
http://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
(located in Osaka 大阪; first established in 1697)

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