particular, it has been alleged
that the small investor not wise in
the ways of futures can be taken
advantage of by professional
traders.
Because of the dynamic in-
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Roy A. Brubaker |. H. Brubaker
700 Woodcrest Ave 350 strasburg Pike
L.htz.Pa Lancaster
Tel. 1 i (ill 397-5179
A.B.C. Groff, Inc. C . E. Wiley & Son, Inc.
2 110 S. Railroad Ave 101 s L]me st Q uarryvil]e
New Holland 786-2895
354-4191
fluences in commodity markets,
the established arrangements for
trading tend to get out of date,
and even to inject artificial in
fluences into orices. This un
derlines the mounting concern in
HARVESTER
770
many quarters. The U. S.
Congress is currently taking a
critical look at futures trading to
see what kinds of changes may be
needed. The General Accounting
Office, the accounting arm of
government, has appointed a
team of auditors to review the
regulation of futures trading.
The Small Business Committee
of the U. S. House of Represen
tatives is also planning to hold
hearings that would include a
critical look at grain futures. The
Commodity Exchange Authority
and the exchanges themselves
also continually seek ways for
improving trading rules.
Whatever the outcome of these
investigations, and however valid
some objections to futures
trading may be, the futures
market does bring prices out into
the open. It increases the range of
information and judgments
brought to bear on price, and
makes it easier for farmers and
other businessmen to choose a
preferred course of action.
A Futures Glossary
Basis - The difference between
the price of a futures contract
and the price of the same or
similar commodity in spot
transactions.
Delivery Month -- The calendar
month during which a futures
contract matures.
Futures Contract -- An
agreement set forth in stan
dardized terms under rules of an
organized commodity exchange
to buy and receive, or to sell and
deliver, a commodity at a future
date.
• GOLDEN MAkLIN FLY BAIT
• FLY SPRAYS 5-30-50 gallon lots
• ELECTRIC FOGGERS
• FLY & LICE DUST KITS
• POR-A-STOOL
Also Batteries and Electric Fencers
Special Prices on - - -
• Penstrep and Combiotlc Injectables
• Furox Dispension
AARON S. GROFF
Farm & Dairy Store
H D. !. Ephrata. Pa 17342 (Hinkletown) Phone 254-0744
Store Hours 7A M. to!) P.M.
Closed Tues. & Sat. at 5:20 P.M.
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I 445 South Cedar Street Lititz, Penn. 17543 |
Phone: 717-626-8144 j
Lancaster Farming, Saturday, August 11,1973—13
FARM TRENDS
As LANCASTER FARMING went to press on Friday
morning, commodity markets were opening for trading. All
important agricultural commodities opened up the trading
limit. Cattle, eggs, broilers, hogs, soybean meal, corn and
wheat futures went as high as they could on Friday,
responding to the government report of lowered crop
estimates.
Cattle rustling is burgeoning in some parts of the country,
including at least one report from a western Pennsylvania
farmer who found piles of entrails one morning where he
should have found five heifers County Agent Max Smith has
some good advice in his column this week for the cattleman
who wants to foil rustlers
Hedging -- Using the futures
market to reduce exposure to
price risk and to help assure
profits on business activities.
Long Position -- One in which
an individual’s inventory plus
forward purchases exceed his
forward sales, also, the buying
side of an open futures contract.
Margin - The amount
deposited by a trader with his
broker to insure performance on
contract commitments.
Open Interest -The total of
unfilled or unsatisfied futures
contracts on either side of the
market.
(Continued From Page 1)
Commodities -
Up Against the Limits
Do You Know Where
Your Steers Are
Tonight?
Regulated Commodities --
Those regulated by the Com
modity Exchange Authority
(CEA) under specific provisions
of the Commodity Exchange Act.
The CEA is concerned with
safeguarding futures trading
against price manipulation and
abusive trading practices.
Short Position - One in which
an individual’s forward sales
exceed his inventory plus for
ward purchases; also, the selling
side of an open futures contract.
Straddle or Spread - The
purchase of one future against
the sale of another future of the
same commodity or a different
commodity in the same or dif
ferent markets.
Volume of Trading - The total
purchases or sales of a com
modity future during a specified
period.
Short Takes
Fidel Castro failed in his
first attempt to overthrow the
Cuban regime of Fulgencio
Batista in 1953, when he led
an unsuccessful attack on a
Santiago army barracks.
First Negro University
Lincoln University, former
ly Ashmun Institute, in Ches
ter Co , Pa , was the first
Negro university in the United
States. It was chartered by
act of the legislature of Penn
sylvania, April 29, 1854.
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• MORE PROFIT
D'iv Chromalloy American Corp
1070 Stemmetz Rd
Ephrata, Penna 17522
Ph. 733-1206
Akron
Caleb Wenger
Quarryville
Lancaster
Lebanon
Sollenberger Farm Supply
Centerport, Pa
Ph 215-926-7671
Failed at First
WITH
MADISON SILOS
LOCAL DEALERS
Frank Snyder
859-2688
548-2116
Landis Bros Inc
393-3906
CarlL Shirk
867-3741