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Cash Price Futures Price The Marketing Puzzle = Forward Contract + Basis Futures Contract Cash Price Futures Price The Marketing Puzzle = Forward Contract + Basis Futures Contract Kim Anderson Cooperative Extension Crop Marketing Specialist Oklahoma State University Put Call Options

+ Call Options Forward Contract Put Options Futures Price Basis Price Futures Contract = + Call Options Forward Contract Put Options Futures Price Basis Price Futures Contract =

= Price Forward Contract Put Options Futures Price + Futures Contract Call Options Basis = Price Forward Contract Put Options Futures Price + Futures Contract Call Options Basis

Price Actual Dollars/Unit Received Price Actual Dollars/Unit Received

Price $4. 10 = Futures Price $4. 50 + Basis -$0. 40 Price $4. 10 = Futures Price $4. 50 + Basis -$0. 40

Futures Price of a Commodity Futures Contract Futures Price of a Commodity Futures Contract

Basis Difference Between Two Prices Basis Difference Between Two Prices

Price $4. 10 = Futures Price $4. 50 + Basis -$0. 40 Price $4. 10 = Futures Price $4. 50 + Basis -$0. 40

Forward Contract A Contract requiring delivery (acceptance) of a specified quantity and quality of Forward Contract A Contract requiring delivery (acceptance) of a specified quantity and quality of a specified commodity during a specified period at a specified location, at a specified price.

$4. 25 Price = Futures Price $4. 75 $4. 25 Forward Contract + Basis $4. 25 Price = Futures Price $4. 75 $4. 25 Forward Contract + Basis -$0. 50

Futures Contract A contract requiring delivery (short/sold) or a acceptance (long/bot/buy) of a specified Futures Contract A contract requiring delivery (short/sold) or a acceptance (long/bot/buy) of a specified quantity and quality of a commodity during a specified delivery period at a specified location, at a specified futures contract price.

$4. 10 Price = Futures Price + Basis $4. 50 -$0. 40 Forward Contract $4. 10 Price = Futures Price + Basis $4. 50 -$0. 40 Forward Contract Futures Contract $4. 50

Put Options A contract which gives the buyer the Put Options A contract which gives the buyer the "right" to sell a specified Futures Contract at a specified price. Premium (value) increases as price decreases.

Price = Forward Contract Buy 450 @$0. 30 Futures Price Futures Contract Put Option Price = Forward Contract Buy 450 @$0. 30 Futures Price Futures Contract Put Option + $4. 50 Basis

Call Options A contract which gives the buyer the Call Options A contract which gives the buyer the "right" to buy a specified Futures Contract at a specified price. Premium (value) increases as price increases.

Price = Forward Contract Futures Price Futures Contract Put Option + Basis $4. 50 Price = Forward Contract Futures Price Futures Contract Put Option + Basis $4. 50 Call Option Buy 450 @$0. 30

+ Call Options Forward Contract Put Options Futures Price Basis Price Futures Contract = + Call Options Forward Contract Put Options Futures Price Basis Price Futures Contract =

Price = Forward Contract Futures Price + Futures Contract Put Option Call Option Basis Price = Forward Contract Futures Price + Futures Contract Put Option Call Option Basis