Trading and Hedging with Agricultural Futures and Options

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9780071365024: Trading and Hedging with Agricultural Futures and Options

After a brief review of option basics, this guide delves into the different trading strategies that can be used by processors, producers, and speculators. The book relies to a great extent on concrete examples, while de-emphasizing theory and mathematical models and numerous tried-and-tested techniques for trading agricultural options. Traders learn how to evaluate practical situations as well as how to manage positions held in the agricultural options market. Among the topics included are: how to build synthetic options; the differences between hedging and synthetic strategies; understanding price behaviour before expiration; volatility, the role of delta, gamma, theta, and vega on price movement; matching strategies with forecasts and the basics of argricultural options, including various spreads.

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From the Back Cover:

Today's Premier Guidebook for Understanding Agricultural Options­­and Making Them a Key Part of Your Trading and Risk Management Strategy

Agricultural futures and options represent a vital niche in today's options trading world. Trading and Hedging with Agricultural Futures and Options takes an in-depth look at these valuable trading tools, and presents clear, proven strategies and techniques for both hedgers and traders to achieve their goals while minimizing risk.

Relying on nuts-and-bolts techniques and examples­­as opposed to the mathematical models and theory favored by other options-trading manuals­­this practical, hands-on book discusses many topics, including:

  • How hedgers and traders can use options effectively­­with realistic expectations
  • Methods to understand price behavior including the "Greeks" (delta, gamma, vega, and theta)
  • The importance of volatility­­and little-known ways to make it work to your advantage

For producers and processors, agricultural futures and options are necessary components for controlling costs and hedging risks. For traders, they are proven vehicles for earning exceptional risk-adjusted profits. Whichever side of the aisle you are on, Trading and Hedging with Agricultural Futures and Options will provide you with the answers you need to effectively use these versatile tools­­and make them an integral part of your business.

Markets in commodity futures and options first arose­­and continue to exist­­as tools for commodity producers and commodity processors to manage risk. Along the way, traders and speculators discovered their value as instruments for producing consistently superior gains. For both groups, however, authoritative and understandable information has been difficult, if not impossible, to find.

Trading and Hedging with Agricultural Futures and Options provides the information you need to get the most benefit from your trading program. Written by James Bittman, one of today's leading teachers and strategists on the effective use of futures and options, this long-awaited book is divided into three sections:

  • The Basics of Futures and Options­­The vocabulary, mechanics, value components, and price behavior of these dynamic instruments
  • Hedging Strategies­­A five-step process illustrating fundamental strategies for both long and short hedgers, with a chapter devoted to advanced hedging strategies
  • Trading Strategies­­Explanations of how to develop realistic expectations and analyze trading alternatives, including use of the OP-EVALFTM computer program

OP-EVALFTM­­Included in its entirety on the attached CD, this custom-designed, market-tested program helps you evaluate various alternatives and strategies­­and cuts weeks from your learning curve!

Diagrams of basic hedging and trading strategies ... Discussions of volatility and advanced option pricing topics ... The role of delta, gamma, theta, and vega on price movement ... Strategies and scenarios to profit from both rising and falling markets ... Trading and Hedging with Agricultural Futures and Options will help traders and hedgers understand how agricultural options work, how they can be used to pursue specific hedging and trading goals, and what are the pros and cons of using individual techniques. Clear, concise, and practical, it explains every nuance of these unique and historically profitable instruments­­and is today's most comprehensive, easy-to-understand resource for all traders, regardless of their goals and objectives.

From the Inside Flap:

Diagrams of basic hedging and trading strategies ... Discussions of volatility and advanced option pricing topics ... The role of delta, gamma, theta, and vega on price movement ... Strategies and scenarios to profit from both rising and falling markets ... Trading and Hedging with Agricultural Futures and Options will help traders and hedgers understand how agricultural options work, how they can be used to pursue specific hedging and trading goals, and what are the pros and cons of using individual techniques. Clear, concise, and practical, it explains every nuance of these unique and historically profitable instruments-and is today’s most comprehensive, easy-to-understand resource for all traders, regardless of their goals and objectives.

Markets in commodity futures and options first arose-and continue to exist-as tools for commodity producers and commodity processors to manage risk. Along the way, traders and speculators discovered their value as instruments for producing consistently superior gains. For both groups, however, authoritative and understandable information has been difficult, if not impossible, to find.

Trading and Hedging with Agricultural Futures and Options provides the information you need to get the most benefit from your trading program. Written by James Bittman, one of today’s leading teachers and strategists on the effective use of futures and options, this long awaited book is divided into three sections:

  • The Basics of Futures and Options—The vocabulary, mechanics, value components, and price behavior of these dynamic instruments
  • Hedging Strategies—A five-step process illustrating fundamental strategies for both long and short hedgers, with a chapter devoted to advanced hedging strategies
  • Trading Strategies—Explanations of how to develop realistic expectations and analyze trading alternatives, including use of the OP-EVALF computer program

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