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futures contract |
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Futures Contract An exchange traded agreement to buy or sell a particular type and grade of commodity for delivery at an agreed upon place and time in the future. Futures contracts are transferable between parties. Notes: Commodity futures very rarely lead to the delivery of a commodity because positions are closed out before the delivery date. In contrast, forward contracts often lead to delivery.Futures contract A legally binding agreement to buy or sell a commodity or financial instrument in a designated future month at a price agreed upon today by the buyer and seller. Futures contracts are standardized according to the quality, quantity, and delivery time and location for each commodity. A futures contract differs from an option because an option is the right to buy or sell, while a futures contract is the promise to actually make a transaction. A future is part of a class of securities called derivatives, so named because such securities derive their value from the worth of an underlying investment.
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Hedgers- and cash-only marketers should also be ready to kick off 2007- and 2008-crop sales as their respective November futures contracts push above the $7. Class III futures contracts also softened this week, but still not to the extent of the cash market. Futures contracts will be traded daily for deliveries 15 months later of 27-ton lots of four plain-vanilla grades: one g-p butene LLDPE for blown film and three PP homopolymers--two for injection (12 and 20 MFR) and one for "raffia" fiber extrusion. |
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