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FIB - Scams 101 - Ye Olde Archives
Posted By: William Smith In Response To: future's contract (jessie Lou)
Tuesday, 12 April 2005, at 11:38 p.m.
> can anyone help?? does anyone have any information on what a future's
> contract is, and how to get one???
Well, chances are you don't want to buy one unless you're willing to lose a lot of money, or you have a legitimate business need for a large quantity of a commodity. A futures contract is an agreement to either take delivery, or to deliver, a specified quantity of a commodity at a specific date in the future.
Futures contracts are sold for the future delivery of commodities such as corn, wheat, pork bellies, oil, currencies, metals and many more commodities. Let's say you want to buy a futures contract for corn. A single corn contract listed on the Chicago Board of Trade will be for the delivery of 5,000 bushels of corn. Assuming the current market price of corn is $3.50 per bushel, and you want the contract, you are agreeing to pay $17,500 for delivery of the corn to you.
So why would you want to buy a futures contract? Well, if you happen to be in the business of making corn flakes for breakfast cereal, and you think prices are going to go higher, you can buy a contract for future delivery of corn at today's price - $3.50 per bushel - rather than a higher price later in the year, because you want to keep your price of producing corn flakes down.
As to your question about where to get a futures contract, you simply contact a Commodity Futures Broker. You can find one online. Since you don't really know what a futures contract is, you would actually enter the futures market as a speculator, similiar to what people do when guessing whether the price of the stock market will go up or down. Speculators put up a deposit on a futures contract and then either profit or lose money based on the movement of the price of the commodity.
One of my many previous occupations was that of a commodity futures broker. Take my advice and avoid the commodity futures markets unless you enjoy losing money. If you really have a genuine need to buy a large quantity of a commodity for use in a business venture, spend a few months educating yourself about the market dynamics involved in dealing with forward contracts. A good commodity futures brokerage house can help you arrange for delivery of any commodity you need if you have the money.
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