The Rural Voice, 1983-02, Page 27the movement of cash commodities from
farm to processor. The book represents
excellent reference material for farmers
interested in using futures markets to im-
prove their buying and selling strategies.
It would also be a handy reference book
for any grain dealer. livestock dealer,
marketing board official or researcher in-
volved in farm markets. It gives detailed
information on how U.S. cash livestock
and grain markets are used. for example.
how livestock is forward contracted by
U.S. farmers, how grain supply/demand
formulas are used by fundamental
analysts. how livestock numbers are used
in price projections. There is also a sec-
tion on technical analysis of futures.
($12.95 U.S.. published by Doane -Western,
Inc., 8900 Manchester Road. St. Louis.
Missouri. USA. 63144)
Economics of Futures trading for Com-
mercial and Personal Profit. By Thomas
Hieronymus.
Dr. Hieronymus (Professor Emeritus in
Agricultural Economics at U. of Illinois)
has for many years been considered by
some Americans as a guru of commodity
analysis. His book provides some of the
same information about futures markets
as Futrell's book. However. it spends
more time on subjects which do not relate
directly to farmers. such as the historical
development of futures trading. gover-
nment regulations. and debate on
whether futures are good or bad. It is an
insightful and authoritative book, ex-
plaining what futures are all about. and
how they might be approached by the in-
dividual wishing to trade. But for the pur-
pose of farmers wanting to learn about
cash markets, basis information,
marketing alternatives, risk reduction
etc.. the book is of less value than
Futrell's.
(16.95 U.S., published by Commodity
Research Bureau, Inc., 1 Liberty Plaza,
New York, N.Y., USA. 10006)
Commodity Futures for Profit...a farmer's
guide to hedging. by Merrill J. Oster.
This book comes across almost as a
pitch to get into the futures markets. It is
easy reading, entertaining and upbeat,
and Merrill Oster himself has used his
market savvy not only to speculate and
hedge, but also to build a business em-
pire which includes Professional Farmers
of America, a large farm market advisory
service. Most readers of his book won't be
as successful as Oster. Therefore the
reader should inject his own skepticism
and objectivity in deciding whether he has
the capability of using the futures in his
own operation. The book is excellent in
outlining various ways to hedge, use
basis contracts, reduce risk, and improve
one's fundamental and technical
analysis. For some farmers, its major
value may be in its description of
marketing alternatives which many
producers may be unaware. It is less
academic than most books about
markets, and many sections apply direc-
tly to the farming operation even if one
doesn't trade futures.
($24.95 U.S., published by Professional
Farmers of America, 219 Parkade, Cedar
Falls, Iowa 50613)
It should be noted that the above
reviews focus on only 3 examples of
books which can give farmers the basic
knowledge needed to improve their
marketing strategies Unfortunately all
are U.S. books, and some of the infor-
mation does not pertain to Canada. No
farmer should buy any of the above
publications convinced that they will
make him money. Making money comes
only from the skill and work which each
individual utilizes in translating the in-
formation into his own operation. All of
the above books can help provide a base
from which to build a better marketing
program. Farmers who have the time and
energy to implement some of the ideas
and facts will find the investment in
these publications worthwhile
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THE RURAL VOICE, FEBRUARY 1983 PG. 27