农产品套期保值研究报告美国罗奇公司.ppt

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ? Roach Ag Marketing, Ltd. Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract ? Roach Ag Marketing, Ltd. ? Roach Ag Marketing, Ltd. December 2009 Roach Ag. Corn Sell Signals Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract ? Roach Ag Marketing, Ltd. December 2010 Roach Ag. Corn Sell Signals ? Roach Ag Marketing, Ltd. Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract ? Roach Ag Marketing, Ltd. Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract ? Roach Ag Marketing, Ltd. Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract ? Roach Ag Marketing, Ltd. Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract ? Roach Ag Marketing, Ltd. ? Roach Ag Marketing, Ltd. Put Opportunity - Buy Puts on some of the Crop You Do Not Want to Sell on a Cash Contract What About the Grain You Don’t Want to Sell Ahead? Build Storage to hold increasingly larger yields Increased infrastructure will reduce harvest bottlenecks Reduce drying and shrink costs Capture the futures carry available Capture the improvement in basis and competition between bids Space out your workload Avoid extremely low harvest bids Price Risk “If I sell, Prices might go higher.” Marketing Risk “If I oversell, I won’t have enough money to buy-back my sales.” Buy Puts on spring Sell Signals Hold them until an August – September Buy Signal It takes advantage of the normal price decline Cash in and wait until next year May also sell Calls if margin calls don’t freak you out – you have to fund Call option loss as it occurs Spend about 30 cents on corn and 50 cents on bean Frequently able to double your money – but will lose premium if prices don’t go down Cover Unsold Grain With Put Opti