Does anybody know of a really good book/site that explains hedging proper ie cover your cost through the exchange. We are currently using it for options makrket but feel I am ready to learn more.
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Dan, I don't know about "really good", but here's a few suggestions:<br> 1. Ag Canada & the Canadian Farm Business Management Council now have an introductory course "Managing Market Risk" that is available as a Home Study Manual. For more information go to: http://www.agr.ca/policy/risk/risk_e.html This introductory course covers understanding market risk on the farm, futures markets, basis, options, hedging with futures and options, managing exchange rate risk, and cash market contract. It covers all commodities. Last I heard, it was free.<p> 2. The Winnipeg Commodity Exchange has a new publication "Using Futures & Options Contracts to Hedge".(48 pages). It is brief with several Canadian grain examples. I just checked and it is $10 + GST. Phone (204) 925-3000 (or their email is wce@wce.mb.ca).<p> 3. I used to teach a course via the Internet, but I don't know if anyone else does now. It is certainly possible to do. Try calling the Farm Business Management Program, AAFRD (403) 556-4240, toll free 310-0000. They may have other suggestions.<p> 4. AAFRD has just revised the "Marketing Manual". It has some stuff on hedging. Contact your local AAFRD office, or call (780) 427-0364 (toll free 310-0000). <p> 5. Don't forget to post questions here too, we might be able to help. <p> Hope this gets you started. The other thing to be scouting for now, is a broker. So I suggest you get started looking into that, at the same time. Good luck!
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As Brenda said, the newly revised "Marketing Manual" has some pretty decent stuff on hedging. However, it hasn't yet been printed in any great volume so local AAFRD offices won't likely have a copy. The best way to get a copy is to contact one of the Alberta Agriculture Market Specialists. We are located in Brooks (403)362-1212, Lacombe (403)781-3301, Vermilion (780)853-8101, and Lamont (780)895-2219. (Incidently, we will soon have Market Specialists in Grande Prairie and Drumheller.)
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