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Options contracts, futures: A contract traded on a
commodity futures exchange that gives the buyer the right without obligation to
buy or sell a futures contract over a specified
time period. The FAIR Act of 1996 requires
USDA to conduct research through pilot programs to
determine if futures and options contracts can provide producers with reasonable
protection from the financial risks of fluctuations in price, yield, and income
inherent in the production and marketing of agricultural commodities.
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