Futures and options on agricultural commodities have been seeing phenomenal growth in trading volume, due to increased global demand and the increased availability of electronic trading for these products. This booklet is an update of a longtime favorite among commodity market participants, first published in 1984 by the CBOT to coincide with the launch of its first agricultural options. If you're new to futures and options on futures, the first four chapters will give you a solid foundation. Chapters 5 and 6 include futures and options strategies, both from a buying and selling hedger's perspective. As a result of this revision, the book has been renamed Grain and Oilseed Hedger's Guide. We hope you enjoy this text and that it answers many of your trading questions. In addition to reading on your own, your broker should be a primary source of information. The kind of assistance you may get from your broker ranges from access to research reports, analysis, market recommendations, to assistance in fine-tuning and executing your trading strategies. A principal objective of this guide is to better enable you to use such assistance effectively.