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Commodity Hedging- Short SPOT MARKET FUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000 BU. @ $2.20 8/1/99 BUY CONTRACT 5000 BU. @ $2.28 GAIN = 5000 BU. X $.20 = $1000 LOSS = 5000 BU. X $.18 = $900 NET = $100 NET = $100

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Page 1: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Commodity Hedging-Short

SPOT MARKET FUTURES MARKET

5/1/99 GROWING GRAIN

5000 BU. @ $2.00

5/1/99 SELL CONTRACT

5000 BU. @ $2.10

8/1/99 SELL GRAIN SPOT

5000 BU. @ $2.20

8/1/99 BUY CONTRACT

5000 BU. @ $2.28

GAIN = 5000 BU. X $.20 = $1000

LOSS = 5000 BU. X $.18 = $900

NET = $100NET = $100

Page 2: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Commodity Hedging-Short

SPOT MARKET FUTURES MARKET

5/1/99 GROWING GRAIN

5000 BU. @ $2.00

5/1/99 SELL CONTRACT

5000 BU. @ $2.10

8/1/99 SELL GRAIN SPOT

5000 BU. @ $1.80

8/1/99 BUY CONTRACT

5000 BU. @ $1.80

LOSS = 5000 BU. X $.20 = $1000

GAIN = 5000 BU. X $.30 = $1500

NET = $500NET = $500

Page 3: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Commodity Hedging-Long

SPOT MARKET FUTURES MARKET

5/1/99 SHORT GRAIN

5000 BU. @ $2.00

5/1/99 BUY CONTRACT

5000 BU. @ $2.10

8/1/99 BUYS GRAIN SPOT

5000 BU. @ $1.80

8/1/99 SELL CONTRACT

5000 BU. @ $1.80

GAIN = 5000 BU. X $.20 = $1000

LOSS = 5000 BU. X $.30 = $1500

NET = NET = -$500-$500

Page 4: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Commodity Hedging-Long

SPOT MARKET FUTURES MARKET

5/1/99 SHORT GRAIN

5000 BU. @ $2.00

5/1/99 BUY CONTRACT

5000 BU. @ $2.10

8/1/99 BUYS GRAIN SPOT

5000 BU. @ $2.30

8/1/99 SELL CONTRACT

5000 BU. @ $2.35

LOSS = 5000 BU. X $.30 = $1500

GAIN = 5000 BU. X $.25 = $1250

NET = NET = -$250-$250

Page 5: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Bond Prices

•Bond prices are quoted as follows: 98-23

•The “23” is 23/32nds of $1.00

•23/32 = .719

•Therefore, 98-23 is equivalent to $ 987.19

•Similarly, 96-16 is $965.

Page 6: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Interest Rate Hedging-Long

CASH MARKET FUTURES MARKET

5/1/99 SHORT BONDS

TBOND @ 97-22

5/1/99 BUY 1 CONTRACT

TBOND @ 97-29

8/1/99 BUY BONDS CASH

TBOND @ 98-11

8/1/99 SELL CONTRACT

TBOND @ 98- 17

LOSS = $11.77 @ Bond GAIN = $6.25 @ Bond

NET = NET = $5.52/ Bond X 100 Bonds = $552.00$5.52/ Bond X 100 Bonds = $552.00

Page 7: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Interest Rate Hedging-Long

CASH MARKET FUTURES MARKET

5/1/99 SHORT BONDS

TBOND @ 97-22

5/1/99 BUY 1 CONTRACT

TBOND @ 97-29

8/1/99 BUY BONDS CASH

TBOND @ 97-11

8/1/99 SELL CONTRACT

TBOND @ 97-18

GAIN = $3.44 @ Bond LOSS = $3.44 @ Bond

NET = NET = 00

Page 8: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Interest Rate Hedging-Short

CASH MARKET FUTURES MARKET

5/1/99 HOLD BONDS

TBOND @ 97-22

5/1/99 SELL 1 CONTRACT

TBOND @ 97-29

8/1/99 MARK TO MARKET

TBOND @ 98-11

8/1/99 BUY CONTRACT

TBOND @ 98- 17

GAIN = $3.44 @ Bond LOSS = $6.25 @ Bond

NET = NET = $2.81/ Bond X 100 Bonds = $281.00$2.81/ Bond X 100 Bonds = $281.00

Page 9: Commodity Hedging-Short SPOT MARKETFUTURES MARKET 5/1/99 GROWING GRAIN 5000 BU. @ $2.00 5/1/99 SELL CONTRACT 5000 BU. @ $2.10 8/1/99 SELL GRAIN SPOT 5000

Interest Rate Hedging-Short

CASH MARKET FUTURES MARKET

5/1/99 HOLD BONDS

TBOND @ 97-22

5/1/99 SELL 1 CONTRACT

TBOND @ 97-29

8/1/99 MARK TO MARKET

TBOND @ 97-00

8/1/99 BUY CONTRACT

TBOND @ 97- 04

LOSS = $6.88 @ Bond GAIN = $7.81 @ Bond

NET = $.93/ Bond X 100 Bonds = $93.00NET = $.93/ Bond X 100 Bonds = $93.00


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