# Price options for grain, when used in conjunction

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2 Page 2 File A2-67 To implement this strategy, purchase the put option now. Later, when the is sold, also sell the option. If the price declines, as shown in Figure 2, the money made on the option will offset the loss on the cash. If the price rises, the option expires and the cash is sold for the higher price, as shown in Figure 3. Figure 2. Hold and buy put (declining market). loss{ = in the market Buy put Figure 3. Hold and buy put (rising market). Buy put }Option gain put _ = out of the market Let put expire In the example below a \$7 strike price put option is purchased for a premium of 40 cents. Subsequently the futures price declines \$1 below the \$7 strike price to \$6. The cash price decreases to \$5.50 (50 basis). \$7.00 strike price 6.00 futures price 5.50 cash price.40 premium The net price is the \$5.50 cash price, plus the \$1 option gain, less the 40 cent premium, for a total of \$6.10 (not including trading costs). \$5.50 cash price option gain \$6.10 net fl oor price Next assume the futures price declines to \$5 or \$2 below the strike price. The cash price declines to \$4.50 (50 basis). The net cash price is the \$4.50 cash price, plus the option gain of \$2, less the 40 cent premium, for a total of \$6.10. The same as above. \$4.50 cash price option gain \$6.10 net price As shown in these examples, whenever the futures price is at or below the strike price, the net price is \$6.10. } gain The actual floor price will differ only due to changes in basis, not changes in futures price. = in the market _ = out of the market

6 Page 6 File A2-67 Out-of-the-money call options result in a higher floor price. However, out-of-the-money call options result in a lower net selling price if price increases. In the example below the futures price is \$7 and the cash price is \$6.60. Strike prices ranging from \$7 (at-the-money) to \$7.75 (75 cents out-of-the-money), and their respective premiums are shown below. Strike price \$7.00 \$7.25 \$7.50 \$7.75 Premium The minimum selling price is \$6.20 for the at-themoney option and increases to \$6.38 for the 75 cent out-of-the-money option. Minimum price \$6.60 \$6.60 \$6.60 \$6.60 Minimum price \$6.20 \$6.30 \$6.35 \$6.38 However, the net price decreases from \$7.20 for the at-the-money option to \$6.63 for the 75 cent out-of-the-money option if futures price increases to \$8. Rally (\$8 futures) price \$8.00 \$8.00 \$8.00 \$8.00 Strike price Option gain \$1.00 \$.75 \$.50 \$.25 price Net \$7.20 \$7.05 \$6.85 \$6.63 So, out-of-the-money options result in a higher floor price but a lower net price if prices rise.... and justice for all The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, and marital or family status. (Not all prohibited bases apply to all programs.) Many materials can be made available in alternative formats for ADA clients. To file a complaint of discrimination, write USDA, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC or call Issued in furtherance of Cooperative Extension work, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture. Jack M. Payne, director, Cooperative Extension Service, Iowa State University of Science and Technology, Ames, Iowa.

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