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-12'
Chart.
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| Date | Price fixed via futures | Price | Initial Margin | Margin call | Total cash flow |
|---|
| 21 May 2012 | 159.30 | 160.45 | -12.40 | 1.14 | -11.25 |
| 18 May 2012 | 159.30 | 158.80 | -12.40 | -.50 | -12.90 |
| 17 May 2012 | 159.30 | 153.80 | -12.40 | -5.50 | -17.90 |
| 16 May 2012 | 159.30 | 152.00 | -12.40 | -7.30 | -19.70 |
| 15 May 2012 | 159.30 | 149.30 | -12.40 | -10.00 | -22.40 |
| 14 May 2012 | 159.30 | 147.70 | -12.40 | -11.60 | -24.00 |
| 11 May 2012 | 159.30 | 148.20 | -12.40 | -11.10 | -23.50 |
| 10 May 2012 | 159.30 | 148.50 | -12.40 | -10.80 | -23.20 |
| 9 May 2012 | 159.30 | 148.90 | -12.40 | -10.40 | -22.80 |
| 8 May 2012 | 159.30 | 149.95 | -12.40 | -9.35 | -21.75 |
| 4 May 2012 | 159.30 | 149.50 | -12.40 | -9.80 | -22.20 |
| 3 May 2012 | 159.30 | 151.35 | -12.40 | -7.95 | -20.35 |
| 2 May 2012 | 159.30 | 153.75 | -12.40 | -5.55 | -17.95 |
| 1 May 2012 | 159.30 | 155.15 | -12.40 | -4.15 | -16.55 |
| 30 Apr 2012 | 159.30 | 156.00 | -12.40 | -3.30 | -15.70 |
| 27 Apr 2012 | 159.30 | 155.60 | -12.40 | -3.70 | -16.10 |
| 26 Apr 2012 | 159.30 | 153.65 | -12.40 | -5.65 | -18.05 |
| 25 Apr 2012 | 159.30 | 154.00 | -12.40 | -5.30 | -17.70 |
| 24 Apr 2012 | 159.30 | 155.55 | -12.40 | -3.75 | -16.15 |
| 23 Apr 2012 | 159.30 | 154.80 | -12.40 | -4.50 | -16.90 |
| 20 Apr 2012 | 159.30 | 154.70 | -12.40 | -4.60 | -17.00 |
| 19 Apr 2012 | 159.30 | 155.00 | -12.40 | -4.30 | -16.70 |
| 18 Apr 2012 | 159.30 | 153.00 | -12.40 | -6.30 | -18.70 |
| 17 Apr 2012 | 159.30 | 153.50 | -12.40 | -5.80 | -18.20 |
| 16 Apr 2012 | 159.30 | 152.85 | -12.40 | -6.45 | -18.85 |
| 13 Apr 2012 | 159.30 | 154.05 | -12.40 | -5.25 | -17.65 |
| 12 Apr 2012 | 159.30 | 154.60 | -12.40 | -4.70 | -17.10 |
| 11 Apr 2012 | 159.30 | 155.10 | -12.40 | -4.20 | -16.60 |
| 10 Apr 2012 | 159.30 | 155.40 | -12.40 | -3.90 | -16.30 |
| 5 Apr 2012 | 159.30 | 157.05 | -12.40 | -2.25 | -14.65 |
| 4 Apr 2012 | 159.30 | 156.50 | -12.40 | -2.80 | -15.20 |
| 3 Apr 2012 | 159.30 | 160.00 | -12.40 | .69 | -11.70 |
| 2 Apr 2012 | 159.30 | 161.20 | -12.40 | 1.89 | -10.50 |
| 30 Mar 2012 | 159.30 | 161.70 | -12.40 | 2.39 | -10.00 |
| 29 Mar 2012 | 159.30 | 157.00 | -12.40 | -2.30 | -14.70 |
| 28 Mar 2012 | 159.30 | 159.75 | -12.40 | .44 | -11.95 |
| 27 Mar 2012 | 159.30 | 161.45 | -12.40 | 2.14 | -10.25 |
| 26 Mar 2012 | 159.30 | 163.50 | -12.40 | 4.19 | -8.20 |
| 23 Mar 2012 | 159.30 | 158.30 | -12.40 | -1.00 | -13.40 |
| 22 Mar 2012 | 159.30 | 155.90 | -12.40 | -3.40 | -15.80 |
| 21 Mar 2012 | 159.30 | 155.25 | -12.40 | -4.05 | -16.45 |
| 20 Mar 2012 | 159.30 | 155.30 | -12.40 | -4.00 | -16.40 |
| 19 Mar 2012 | 159.30 | 156.75 | -12.40 | -2.55 | -14.95 |
| 16 Mar 2012 | 159.30 | 157.15 | -12.40 | -2.15 | -14.55 |
| 15 Mar 2012 | 159.30 | 157.25 | -12.40 | -2.05 | -14.45 |
| 14 Mar 2012 | 159.30 | 155.00 | -12.40 | -4.30 | -16.70 |
| 13 Mar 2012 | 159.30 | 154.00 | -12.40 | -5.30 | -17.70 |
| 12 Mar 2012 | 159.30 | 153.80 | -12.40 | -5.50 | -17.90 |
| 9 Mar 2012 | 159.30 | 151.40 | -12.40 | -7.90 | -20.30 |
| 8 Mar 2012 | 159.30 | 149.95 | -12.40 | -9.35 | -21.75 |
| 7 Mar 2012 | 159.30 | 150.30 | -12.40 | -9.00 | -21.40 |
| 6 Mar 2012 | 159.30 | 150.90 | -12.40 | -8.40 | -20.80 |
| 5 Mar 2012 | 159.30 | 151.50 | -12.40 | -7.80 | -20.20 |
| 2 Mar 2012 | 159.30 | 151.40 | -12.40 | -7.90 | -20.30 |
| 1 Mar 2012 | 159.30 | 150.50 | -12.40 | -8.80 | -21.20 |
| 29 Feb 2012 | 159.30 | 151.25 | -12.40 | -8.05 | -20.45 |
| 28 Feb 2012 | 159.30 | 151.00 | -12.40 | -8.30 | -20.70 |
| 27 Feb 2012 | 159.30 | 148.50 | -12.40 | -10.80 | -23.20 |
| 24 Feb 2012 | 159.30 | 149.00 | -12.40 | -10.30 | -22.70 |
| 23 Feb 2012 | 159.30 | 151.00 | -12.40 | -8.30 | -20.70 |
| 22 Feb 2012 | 159.30 | 150.15 | -12.40 | -9.15 | -21.55 |
| 21 Feb 2012 | 159.30 | 149.75 | -12.40 | -9.55 | -21.95 |
| 20 Feb 2012 | 159.30 | 151.95 | -12.40 | -7.35 | -19.75 |
| 17 Feb 2012 | 159.30 | 149.50 | -12.40 | -9.80 | -22.20 |
| 16 Feb 2012 | 159.30 | 148.15 | -12.40 | -11.15 | -23.55 |
| 15 Feb 2012 | 159.30 | 147.75 | -12.40 | -11.55 | -23.95 |
| 14 Feb 2012 | 159.30 | 148.50 | -12.40 | -10.80 | -23.20 |
| 13 Feb 2012 | 159.30 | 145.75 | -12.40 | -13.55 | -25.95 |
| 10 Feb 2012 | 159.30 | 148.40 | -12.40 | -10.90 | -23.30 |
| 9 Feb 2012 | 159.30 | 149.50 | -12.40 | -9.80 | -22.20 |
| 8 Feb 2012 | 159.30 | 151.30 | -12.40 | -8.00 | -20.40 |
| 7 Feb 2012 | 159.30 | 153.00 | -12.40 | -6.30 | -18.70 |
| 6 Feb 2012 | 159.30 | 152.75 | -12.40 | -6.55 | -18.95 |
| 3 Feb 2012 | 159.30 | 152.00 | -12.40 | -7.30 | -19.70 |
| 2 Feb 2012 | 159.30 | 151.00 | -12.40 | -8.30 | -20.70 |
| 1 Feb 2012 | 159.30 | 152.00 | -12.40 | -7.30 | -19.70 |
| 31 Jan 2012 | 159.30 | 151.65 | -12.40 | -7.65 | -20.05 |
| 30 Jan 2012 | 159.30 | 150.00 | -12.40 | -9.30 | -21.70 |
| 27 Jan 2012 | 159.30 | 150.05 | -12.40 | -9.25 | -21.65 |
| 26 Jan 2012 | 159.30 | 149.25 | -12.40 | -10.05 | -22.45 |
| 25 Jan 2012 | 159.30 | 149.25 | -12.40 | -10.05 | -22.45 |
| 24 Jan 2012 | 159.30 | 149.75 | -12.40 | -9.55 | -21.95 |
| 23 Jan 2012 | 159.30 | 148.00 | -12.40 | -11.30 | -23.70 |
| 20 Jan 2012 | 159.30 | 146.90 | -12.40 | -12.40 | -24.80 |
| 19 Jan 2012 | 159.30 | 147.25 | -12.40 | -12.05 | -24.45 |
| 18 Jan 2012 | 159.30 | 146.40 | -12.40 | -12.90 | -25.30 |
| 17 Jan 2012 | 159.30 | 148.25 | -12.40 | -11.05 | -23.45 |
| 16 Jan 2012 | 159.30 | 146.65 | -12.40 | -12.65 | -25.05 |
| 13 Jan 2012 | 159.30 | 147.50 | -12.40 | -11.80 | -24.20 |
| 12 Jan 2012 | 159.30 | 146.00 | -12.40 | -13.30 | -25.70 |
| 11 Jan 2012 | 159.30 | 149.00 | -12.40 | -10.30 | -22.70 |
| 10 Jan 2012 | 159.30 | 148.75 | -12.40 | -10.55 | -22.95 |
| 9 Jan 2012 | 159.30 | 149.00 | -12.40 | -10.30 | -22.70 |
| 6 Jan 2012 | 159.30 | 146.25 | -12.40 | -13.05 | -25.45 |
| 5 Jan 2012 | 159.30 | 144.95 | -12.40 | -14.35 | -26.75 |
| 4 Jan 2012 | 159.30 | 146.75 | -12.40 | -12.55 | -24.95 |
| 3 Jan 2012 | 159.30 | 150.75 | -12.40 | -8.55 | -20.95 |
| 30 Dec 2011 | 159.30 | 149.75 | -12.40 | -9.55 | -21.95 |
| 29 Dec 2011 | 159.30 | 148.25 | -12.40 | -11.05 | -23.45 |
| 28 Dec 2011 | 159.30 | 147.00 | -12.40 | -12.30 | -24.70 |
| 23 Dec 2011 | 159.30 | 142.75 | -12.40 | -16.55 | -28.95 |
| 22 Dec 2011 | 159.30 | 142.50 | -12.40 | -16.80 | -29.20 |
| 21 Dec 2011 | 159.30 | 141.50 | -12.40 | -17.80 | -30.20 |
| 20 Dec 2011 | 159.30 | 141.25 | -12.40 | -18.05 | -30.45 |
| 19 Dec 2011 | 159.30 | 141.50 | -12.40 | -17.80 | -30.20 |
| 16 Dec 2011 | 159.30 | 139.45 | -12.40 | -19.85 | -32.25 |
| 15 Dec 2011 | 159.30 | 138.65 | -12.40 | -20.65 | -33.05 |
| 14 Dec 2011 | 159.30 | 137.80 | -12.40 | -21.50 | -33.90 |
| 13 Dec 2011 | 159.30 | 138.50 | -12.40 | -20.80 | -33.20 |
| 12 Dec 2011 | 159.30 | 137.75 | -12.40 | -21.55 | -33.95 |
| 9 Dec 2011 | 159.30 | 137.50 | -12.40 | -21.80 | -34.20 |
| 8 Dec 2011 | 159.30 | 139.10 | -12.40 | -20.20 | -32.60 |
| 7 Dec 2011 | 159.30 | 139.90 | -12.40 | -19.40 | -31.80 |
| 6 Dec 2011 | 159.30 | 140.00 | -12.40 | -19.30 | -31.70 |
| 5 Dec 2011 | 159.30 | 140.00 | -12.40 | -19.30 | -31.70 |
| 2 Dec 2011 | 159.30 | 139.25 | -12.40 | -20.05 | -32.45 |
| 1 Dec 2011 | 159.30 | 138.75 | -12.40 | -20.55 | -32.95 |
| 30 Nov 2011 | 159.30 | 138.50 | -12.40 | -20.80 | -33.20 |
| 29 Nov 2011 | 159.30 | 141.00 | -12.40 | -18.30 | -30.70 |
| 28 Nov 2011 | 159.30 | 140.00 | -12.40 | -19.30 | -31.70 |
| 25 Nov 2011 | 159.30 | 138.50 | -12.40 | -20.80 | -33.20 |
| 24 Nov 2011 | 159.30 | 136.75 | -12.40 | -22.55 | -34.95 |
| 23 Nov 2011 | 159.30 | 136.90 | -12.40 | -22.40 | -34.80 |
| 22 Nov 2011 | 159.30 | 139.50 | -12.40 | -19.80 | -32.20 |
| 21 Nov 2011 | 159.30 | 139.25 | -12.40 | -20.05 | -32.45 |
| 18 Nov 2011 | 159.30 | 140.25 | -12.40 | -19.05 | -31.45 |
| 17 Nov 2011 | 159.30 | 141.50 | -12.40 | -17.80 | -30.20 |
| 16 Nov 2011 | 159.30 | 143.00 | -12.40 | -16.30 | -28.70 |
| 15 Nov 2011 | 159.30 | 142.75 | -12.40 | -16.55 | -28.95 |
| 14 Nov 2011 | 159.30 | 143.25 | -12.40 | -16.05 | -28.45 |
| 11 Nov 2011 | 159.30 | 144.00 | -12.40 | -15.30 | -27.70 |
| 10 Nov 2011 | 159.30 | 145.00 | -12.40 | -14.30 | -26.70 |
| 9 Nov 2011 | 159.30 | 145.00 | -12.40 | -14.30 | -26.70 |
| 8 Nov 2011 | 159.30 | 145.30 | -12.40 | -14.00 | -26.40 |
| 7 Nov 2011 | 159.30 | 145.00 | -12.40 | -14.30 | -26.70 |
| 4 Nov 2011 | 159.30 | 144.90 | -12.40 | -14.40 | -26.80 |
| 3 Nov 2011 | 159.30 | 145.40 | -12.40 | -13.90 | -26.30 |
| 2 Nov 2011 | 159.30 | 143.50 | -12.40 | -15.80 | -28.20 |
| 1 Nov 2011 | 159.30 | 143.50 | -12.40 | -15.80 | -28.20 |
| 31 Oct 2011 | 159.30 | 144.95 | -12.40 | -14.35 | -26.75 |
| 28 Oct 2011 | 159.30 | 145.50 | -12.40 | -13.80 | -26.20 |
| 27 Oct 2011 | 159.30 | 145.25 | -12.40 | -14.05 | -26.45 |
| 26 Oct 2011 | 159.30 | 144.50 | -12.40 | -14.80 | -27.20 |
| 25 Oct 2011 | 159.30 | 145.90 | -12.40 | -13.40 | -25.80 |
| 24 Oct 2011 | 159.30 | 146.10 | -12.40 | -13.20 | -25.60 |
| 21 Oct 2011 | 159.30 | 144.75 | -12.40 | -14.55 | -26.95 |
| 20 Oct 2011 | 159.30 | 144.25 | -12.40 | -15.05 | -27.45 |
| 19 Oct 2011 | 159.30 | 145.00 | -12.40 | -14.30 | -26.70 |
| 18 Oct 2011 | 159.30 | 144.40 | -12.40 | -14.90 | -27.30 |
| 17 Oct 2011 | 159.30 | 144.25 | -12.40 | -15.05 | -27.45 |
| 14 Oct 2011 | 159.30 | 143.50 | -12.40 | -15.80 | -28.20 |
| 13 Oct 2011 | 159.30 | 142.50 | -12.40 | -16.80 | -29.20 |
| 12 Oct 2011 | 159.30 | 144.25 | -12.40 | -15.05 | -27.45 |
| 11 Oct 2011 | 159.30 | 147.70 | -12.40 | -11.60 | -24.00 |
| 10 Oct 2011 | 159.30 | 144.80 | -12.40 | -14.50 | -26.90 |
| 7 Oct 2011 | 159.30 | 144.45 | -12.40 | -14.85 | -27.25 |
| 6 Oct 2011 | 159.30 | 147.00 | -12.40 | -12.30 | -24.70 |
| 5 Oct 2011 | 159.30 | 144.50 | -12.40 | -14.80 | -27.20 |
| 4 Oct 2011 | 159.30 | 141.50 | -12.40 | -17.80 | -30.20 |
| 3 Oct 2011 | 159.30 | 143.00 | -12.40 | -16.30 | -28.70 |
| 30 Sep 2011 | 159.30 | 143.00 | -12.40 | -16.30 | -28.70 |
| 29 Sep 2011 | 159.30 | 147.50 | -12.40 | -11.80 | -24.20 |
| 28 Sep 2011 | 159.30 | 147.50 | -12.40 | -11.80 | -24.20 |
| 27 Sep 2011 | 159.30 | 149.90 | -12.40 | -9.40 | -21.80 |
| 26 Sep 2011 | 159.30 | 148.40 | -12.40 | -10.90 | -23.30 |
| 23 Sep 2011 | 159.30 | 148.20 | -12.40 | -11.10 | -23.50 |
| 22 Sep 2011 | 159.30 | 148.25 | -12.40 | -11.05 | -23.45 |
| 21 Sep 2011 | 159.30 | 152.50 | -12.40 | -6.80 | -19.20 |
| 20 Sep 2011 | 159.30 | 151.00 | -12.40 | -8.30 | -20.70 |
| 19 Sep 2011 | 159.30 | 149.00 | -12.40 | -10.30 | -22.70 |
| 16 Sep 2011 | 159.30 | 151.50 | -12.40 | -7.80 | -20.20 |
| 15 Sep 2011 | 159.30 | 150.50 | -12.40 | -8.80 | -21.20 |
| 14 Sep 2011 | 159.30 | 153.75 | -12.40 | -5.55 | -17.95 |
| 13 Sep 2011 | 159.30 | 152.50 | -12.40 | -6.80 | -19.20 |
| 12 Sep 2011 | 159.30 | 155.75 | -12.40 | -3.55 | -15.95 |
| 9 Sep 2011 | 159.30 | 157.00 | -12.40 | -2.30 | -14.70 |
| 8 Sep 2011 | 159.30 | 157.00 | -12.40 | -2.30 | -14.70 |
| 7 Sep 2011 | 159.30 | 157.90 | -12.40 | -1.40 | -13.80 |
| 6 Sep 2011 | 159.30 | 157.55 | -12.40 | -1.75 | -14.15 |
| 5 Sep 2011 | 159.30 | 157.50 | -12.40 | -1.80 | -14.20 |
| 2 Sep 2011 | 159.30 | 159.40 | -12.40 | .09 | -12.30 |
| 1 Sep 2011 | 159.30 | 159.30 | -12.40 | .00 | -12.40 |