Risk Management in Action
Risk Management in Action
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Futures Real Time
This graph shows the performance of a futures hedge against the current open market price for wheat. The future purchase allows the farmer to fix the wheat price. The only downside being that the farmer won't benefit if the market falls.
The table shows also the fixed price and the current open market price. In addition, the 'initial margin' and 'margin call' positions which impact cash flow requirements. See glossary for more.
'Using futures to fix forward wheat price for Nov-13'
Chart.
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| Date | Price fixed via futures | Price | Initial Margin | Margin call | Total cash flow |
|---|
| 7 Mar 2013 | 188.50 | 181.60 | -11.00 | -6.90 | -17.90 |
| 6 Mar 2013 | 188.50 | 180.70 | -11.00 | -7.80 | -18.80 |
| 5 Mar 2013 | 188.50 | 184.65 | -11.00 | -3.84 | -14.85 |
| 4 Mar 2013 | 188.50 | 185.15 | -11.00 | -3.34 | -14.35 |
| 1 Mar 2013 | 188.50 | 187.65 | -11.00 | -.84 | -11.85 |
| 28 Feb 2013 | 188.50 | 186.00 | -11.00 | -2.50 | -13.50 |
| 27 Feb 2013 | 188.50 | 185.30 | -11.00 | -3.19 | -14.20 |
| 26 Feb 2013 | 188.50 | 185.00 | -11.00 | -3.50 | -14.50 |
| 25 Feb 2013 | 188.50 | 185.45 | -11.00 | -3.05 | -14.05 |
| 22 Feb 2013 | 188.50 | 186.15 | -11.00 | -2.34 | -13.35 |
| 21 Feb 2013 | 188.50 | 187.50 | -11.00 | -1.00 | -12.00 |
| 20 Feb 2013 | 188.50 | 188.15 | -11.00 | -.34 | -11.35 |
| 19 Feb 2013 | 188.50 | 187.00 | -11.00 | -1.50 | -12.50 |
| 18 Feb 2013 | 188.50 | 187.40 | -11.00 | -1.09 | -12.10 |
| 15 Feb 2013 | 188.50 | 185.50 | -11.00 | -3.00 | -14.00 |
| 14 Feb 2013 | 188.50 | 183.50 | -11.00 | -5.00 | -16.00 |
| 13 Feb 2013 | 188.50 | 184.30 | -11.00 | -4.19 | -15.20 |
| 12 Feb 2013 | 188.50 | 181.85 | -11.00 | -6.65 | -17.65 |
| 11 Feb 2013 | 188.50 | 184.40 | -11.00 | -4.09 | -15.10 |
| 8 Feb 2013 | 188.50 | 186.25 | -11.00 | -2.25 | -13.25 |
| 7 Feb 2013 | 188.50 | 187.00 | -11.00 | -1.50 | -12.50 |
| 6 Feb 2013 | 188.50 | 188.30 | -11.00 | -.19 | -11.20 |
| 5 Feb 2013 | 188.50 | 189.75 | -11.00 | 1.25 | -9.75 |
| 4 Feb 2013 | 188.50 | 190.00 | -11.00 | 1.50 | -9.50 |
| 1 Feb 2013 | 188.50 | 193.00 | -11.00 | 4.50 | -6.50 |
| 31 Jan 2013 | 188.50 | 190.55 | -11.00 | 2.05 | -8.94 |
| 30 Jan 2013 | 188.50 | 190.10 | -11.00 | 1.59 | -9.40 |
| 29 Jan 2013 | 188.50 | 190.05 | -11.00 | 1.55 | -9.44 |
| 28 Jan 2013 | 188.50 | 189.45 | -11.00 | .94 | -10.05 |
| 25 Jan 2013 | 188.50 | 187.30 | -11.00 | -1.19 | -12.20 |
| 24 Jan 2013 | 188.50 | 187.00 | -11.00 | -1.50 | -12.50 |
| 23 Jan 2013 | 188.50 | 189.80 | -11.00 | 1.30 | -9.69 |
| 22 Jan 2013 | 188.50 | 191.00 | -11.00 | 2.50 | -8.50 |
| 21 Jan 2013 | 188.50 | 190.75 | -11.00 | 2.25 | -8.75 |
| 18 Jan 2013 | 188.50 | 188.55 | -11.00 | .05 | -10.95 |
| 17 Jan 2013 | 188.50 | 187.90 | -11.00 | -.59 | -11.60 |
| 16 Jan 2013 | 188.50 | 188.15 | -11.00 | -.34 | -11.35 |
| 15 Jan 2013 | 188.50 | 186.75 | -11.00 | -1.75 | -12.75 |
| 14 Jan 2013 | 188.50 | 185.50 | -11.00 | -3.00 | -14.00 |
| 11 Jan 2013 | 188.50 | 183.00 | -11.00 | -5.50 | -16.50 |
| 10 Jan 2013 | 188.50 | 183.75 | -11.00 | -4.75 | -15.75 |
| 9 Jan 2013 | 188.50 | 183.25 | -11.00 | -5.25 | -16.25 |
| 8 Jan 2013 | 188.50 | 183.55 | -11.00 | -4.94 | -15.95 |
| 7 Jan 2013 | 188.50 | 182.55 | -11.00 | -5.94 | -16.95 |
| 4 Jan 2013 | 188.50 | 182.25 | -11.00 | -6.25 | -17.25 |
| 3 Jan 2013 | 188.50 | 183.00 | -11.00 | -5.50 | -16.50 |
| 2 Jan 2013 | 188.50 | 186.00 | -11.00 | -2.50 | -13.50 |
| 31 Dec 2012 | 188.50 | 186.45 | -11.00 | -2.05 | -13.05 |
| 28 Dec 2012 | 188.50 | 186.75 | -11.00 | -1.75 | -12.75 |
| 27 Dec 2012 | 188.50 | 185.25 | -11.00 | -3.25 | -14.25 |
| 24 Dec 2012 | 188.50 | 187.80 | -11.00 | -.69 | -11.70 |
| 21 Dec 2012 | 188.50 | 189.30 | -11.00 | .80 | -10.20 |
| 20 Dec 2012 | 188.50 | 185.00 | -11.00 | -3.50 | -14.50 |
| 19 Dec 2012 | 188.50 | 188.00 | -11.00 | -.50 | -11.50 |
| 18 Dec 2012 | 188.50 | 188.60 | -11.00 | .09 | -10.90 |
| 17 Dec 2012 | 188.50 | 190.00 | -11.00 | 1.50 | -9.50 |
| 14 Dec 2012 | 188.50 | 190.50 | -11.00 | 2.00 | -9.00 |
| 13 Dec 2012 | 188.50 | 189.75 | -11.00 | 1.25 | -9.75 |
| 12 Dec 2012 | 188.50 | 193.90 | -11.00 | 5.40 | -5.59 |
| 11 Dec 2012 | 188.50 | 195.00 | -11.00 | 6.50 | -4.50 |
| 10 Dec 2012 | 188.50 | 197.25 | -11.00 | 8.75 | -2.25 |
| 7 Dec 2012 | 188.50 | 198.50 | -11.00 | 10.00 | -1.00 |
| 6 Dec 2012 | 188.50 | 198.50 | -11.00 | 10.00 | -1.00 |
| 5 Dec 2012 | 188.50 | 198.15 | -11.00 | 9.65 | -1.34 |
| 4 Dec 2012 | 188.50 | 197.50 | -11.00 | 9.00 | -2.00 |
| 3 Dec 2012 | 188.50 | 198.75 | -11.00 | 10.25 | -.75 |
| 30 Nov 2012 | 188.50 | 197.50 | -11.00 | 9.00 | -2.00 |
| 29 Nov 2012 | 188.50 | 199.00 | -11.00 | 10.50 | -.50 |
| 28 Nov 2012 | 188.50 | 198.95 | -11.00 | 10.45 | -.55 |
| 27 Nov 2012 | 188.50 | 196.00 | -11.00 | 7.50 | -3.50 |
| 26 Nov 2012 | 188.50 | 191.50 | -11.00 | 3.00 | -8.00 |
| 23 Nov 2012 | 188.50 | 189.35 | -11.00 | .84 | -10.15 |
| 22 Nov 2012 | 188.50 | 187.55 | -11.00 | -.94 | -11.95 |
| 21 Nov 2012 | 188.50 | 187.75 | -11.00 | -.75 | -11.75 |
| 20 Nov 2012 | 188.50 | 187.25 | -11.00 | -1.25 | -12.25 |
| 19 Nov 2012 | 188.50 | 187.75 | -11.00 | -.75 | -11.75 |
| 16 Nov 2012 | 188.50 | 187.50 | -11.00 | -1.00 | -12.00 |
| 15 Nov 2012 | 188.50 | 189.00 | -11.00 | .50 | -10.50 |
| 14 Nov 2012 | 188.50 | 189.00 | -11.00 | .50 | -10.50 |
| 13 Nov 2012 | 188.50 | 188.00 | -11.00 | -.50 | -11.50 |
| 12 Nov 2012 | 188.50 | 189.65 | -11.00 | 1.15 | -9.84 |
| 9 Nov 2012 | 188.50 | 194.20 | -11.00 | 5.69 | -5.30 |
| 8 Nov 2012 | 188.50 | 194.75 | -11.00 | 6.25 | -4.75 |
| 7 Nov 2012 | 188.50 | 193.50 | -11.00 | 5.00 | -6.00 |
| 6 Nov 2012 | 188.50 | 192.25 | -11.00 | 3.75 | -7.25 |
| 5 Nov 2012 | 188.50 | 191.00 | -11.00 | 2.50 | -8.50 |
| 2 Nov 2012 | 188.50 | 188.50 | -11.00 | .00 | -11.00 |
| 1 Nov 2012 | 188.50 | 188.50 | -11.00 | .00 | -11.00 |