Commodities and Commodity Derivatives: Modelling and Pricing for Agriculturals, Metals and Energy

Book Description

The last few years have been a watershed for the commodities, cash and derivatives industry. New regulations and products have led to an explosion in the commodities markets, creating a new asset for investors that includes hedge funds as well as University endowments, and has resulted in a spectacular growth in spot and derivative trading.

This book covers hard and soft commodities (energy, agriculture and metals) and analyses:

Economic and geopolitical issues in commodities markets
Commodity price and volume risk
Stochastic modelling of commodity spot prices and forward curves
Real options valuation and hedging of physical assets in the energy industry

It is required reading for energy companies and utilities practitioners, commodity cash and derivatives traders in investment banks, the Agrifood business, Commodity Trading Advisors (CTAs) and Hedge Funds.

In Commodities and Commodity Derivatives, Hélyette Geman shows her powerful command of the subject by combining a rigorous development of its mathematical modelling with a compact institutional presentation of the arcane characteristics of commodities that makes the complex analysis of commodities derivative securities accessible to both the academic and practitioner who wants a deep foundation and a breadth of different market applications. It is destined to be a "must have" on the subject.”
—Robert Merton, Professor, Harvard Business School

"A marvelously comprehensive book of interest to academics and practitioners alike, by one of the world's foremost experts in the field."
—Oldrich Vasicek, founder, KMV

Customer Reviews:

Not good.......2007-06-27

Having done some work in commodities, and more recently in commodities derivatives, I was looking forward to reading this book. Helyette Geman has an excellent reputation in both the academic "ivory tower" and the practitioner "real world". While the book definitely attempts to cover a large and hereto unmet demand, it does not deliver a coherent, consistent and careful analysis of the commodities markets.

In offering an introductory overview of commodities spot and futures markets, the book does a decent job. Chapters 1 - 6 are probably the best chapters in the book and reflect the good understanding and thought leadership of the author. These chapters would have benefited from some careful linguistic editing. Frequently, the text reads French although the book is written in English; this linguistic dissonance is at times frustrating.

The last eight chapters are quite uneven. Each chapter is supposed to describe and introduce a commodity market, such as ags, metals, energy, etc, but few of the chapters are able to fully penetrate the material. The chapters and the material in these chapters are uneven, often bordering to the somewhat disorganized, and occasionally challenging to follow a logical flow in the exposition. Granted, the mathematics are there and they are correct for the most time (some steps in chapter 12 only make sense when you switch around the notation, which can be annoying). The chapter on gas markets is somewhat confusing and the treatment of electricity markets is very uneven. The two better chapters in the second half of the book - on metals and oil - are not written by prof Geman.

Is this a useful book? Notwithstanding the problems, it is a useful book as long as the reader and user recognizes its limitations.

Disappointing.......2007-06-14

Mrs Geman is a refernce in the commodities world and I would have expected to see less talk and more models. I defnitely would not recommend this book to any quant who have to deal with the real world!

Excellent introduction to many aspects of commodities.......2007-01-03

As I had background in equity and credit derivatives I found the book to be an excellent introduction to commodities as it covers many aspects that I currently support at Barclays Capital as a technologist; the mathematical notations are not complicated and you can always dig deeper then the book. Definitly a book in your reference library.

[...]

An Excellent, Comprehensive and Useful Resource.......2006-10-08

Geman's book is up to date, and covers all commodity markets. The author clearly has an in-depth understanding of most all markets discussed and something to teach us about modeling and trading these markets. It is not only an superb introduction to commodities and the traded derivatives, but surely an enhancement to the body of knowledge for the professional commodity trader. Even if you are a fixed income trader, this book belongs on your shelf.

A very welcome work on a neglected field.......2005-09-19

As a former agricultural futures trader who has now moved on to credit, this book was a welcome addition to my bookshelf, as it brings a contemporary voice to the field which has been long overdue. The previous best work was the CBOT's own "Commodities Trading Manual," which has been outdated for a decade. Before the arrival of Helyette Geman's "Commodities and Commodity Derivatives : Modeling and Pricing for Agriculturals, Metals and Energy" the current state-of-the-art for pricing models and information feeds for commodity derivatives was sadly dispersed across journals, often obscure ones. Now increasing attention is being paid to diversified portfolios containing commodity exposure in addition to classic investment vehicles. Along with hedge funds, who naturally seek "under priced" volatility, portfolio managers today must therefore have a command of a wider knowledge base of investment opportunities. This work is therefore, indispensable.

The weakest element of the work is Nassim Taleb's introduction, for which commercial interests and pedagogic considerations no doubt combined.

Trading and Hedging with Agricultural Futures and Options

Average customer rating:

OK but too basic on ags ...

Trading and Hedging with Agricultural Futures and Options
James B. Bittman
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Hardcover

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Similar Items:

Agricultural Options: Trading Puts and Calls in the New Grain and Livestock Futures Markets
Profitable Grain Trading
Winning In The Future Markets: A Money-Making Guide to Trading Hedging and Speculating, Revised Edition
Commodities and Commodity Derivatives: Modelling and Pricing for Agriculturals, Metals and Energy
The Commodity Trader's Almanac 2007

ASIN: 0071365028

Book Description

This clear, concise, and practical guide explains how to use agricultural options as a safe, effective component of any trading portfolio. Outlining different strategiesbased on whether traders are seeking to reduce risk, increase income, or control costsit provides nuts-and-bolts examples and techniques for effective use of these versatile tools. It also covers option basics, special software, the differences between hedging and trading strategies, understanding price behavior and the importance of volatility, and more.

Customer Reviews:

OK but too basic on ags ..........2004-06-23

I had great expectations of this book and thought that it would be a good primer to understanding ags futures, their behaviour & ideas (seasonality, calendar spreads, etc) on how to exploit them. However, it is more the traditional academic introduction on how to hedge ags futures, and the knowledge is very similar to any other options book. It is a good book for beginners & has some interesting intermediate strategies to explore. Well written but as an advanced options user, it adds little to persons who already knows futures & options in depth.

Agricultural Options: Trading Puts and Calls in the New Grain and Livestock Futures Markets

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Agricultural Options: Trading Puts and Calls in the New Grain and Livestock Futures Markets
George Angell
Manufacturer: Windsor Books
ProductGroup: Book
Binding: Hardcover

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Winning In The Future Markets: A Money-Making Guide to Trading Hedging and Speculating, Revised Edition
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Trading Commodities and Financial Future: A Step by Step Guide to Mastering the Markets (3rd Edition)

ASIN: 0930233468

Book Description

The recent introduction of agricultural options has created an exciting new opportunity to make spectacular profits at a low fixed risk. George Angell shows how to master these new instruments to earn maximum profits.

The John Deere Way: Performance that Endures

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Learning Why a Legendary Company is Legendary
A Deere Corporate Bio
Jeremy Dahlstrom
Great Primer on the Company

The John Deere Way: Performance that Endures
David Magee
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

Strategy & Competition | Management & Leadership | Business & Investing | Subjects | Books

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The John Deere Story: A Biography Of Plowmakers John & Charles Deere
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ASIN: 0471706442

Book Description

The John Deere Way presents timeless business lessons from one of America’s top brands. Even as many American manufacturers struggle with low-cost foreign competition, John Deere has not only prevailed, but increased its market share by offering superior quality products built tough and in accordance with time-tested business values. This book shares the company’s management principles and corporate values and shows how those values guide the company to increasingly greater success. For business owners and leaders who want to know what real long-term success constitutes—and how to achieve it—The John Deere Way is the only way.

Download Description

As many American manufacturers struggle with low-cost foreign competition, John Deere has not only prevailed, but increased its market share by delivering superior quality products built with time-tested values. For 150 years, these values have guided John Deere from a small tractor and farm equipment manufacturer to a famous American brand with social cache and a diverse array of products. The John Deere Way shares the management principles and values that have made John Deere one of the most respected and successful brands in America, including the ten core secrets every business leader should take to heart:

I will not put my name on a product that does not have in it the best that is in me.
If we don't improve our products, others will make them in our place.
Always maintain integrity.
Concentrate on areas where you have a clear competitive advantage.
It is more important in business to listen than to lead.
It is more valuable to link than to leverage.
It is better to be lean than laden.
In a rigorously competitive market, virtue is necessary for sustained value creation.
It is important to build a business as great as your products.

Order your copy today.

Customer Reviews:

Learning Why a Legendary Company is Legendary.......2006-01-18

I'll admit it, I grew up on and around John Deere equipment. As an adult I have become a collector of antique tractors and become a student of this truly historic and great American company. John Deere is also a Client of ours.

So when I received this book as a birthday gift it was a slam dunk - it went near the top of my reading stack. Given all of that, this review doesn't come from my obviously biased point of view - this is a book worth reading.

The book does tell parts of the history of this company, but it isn't a book about products or history. Written by experienced business author David Magee, it is an exploration of the key factors that have led to John Deere to growing and thriving over the last 150+ years.

The chapter titles tip off the business practices and attitudes that have guided the company and serve as the thesis for the book. Selected titles include:

Embrace the Culture
Quality Comes First
Always Maintain Integrity
Build a Business as Great as Your Products
Grow on the Strength of Your Roots

If you are interested in looking for keys that lead companies to be successful over the long haul, you will find some in this book. Written in a very readable style and interspersed with anecdotes and stories from Customers, Senior Managers and 4th generation employees, it deserves to be on your reading list.

Besides, how can any book go wrong when its dedication readsit is dedicated "For the Farmer"?

A Deere Corporate Bio.......2006-01-09

This sincerely earnest book is a good example of why corporate biography remains, perhaps, the most problematic business-book genre. While the book is well researched, author David Magee apparently found it hard to avoid the trap of laudatory language about current management. To write a book like this, you need corporate help and access. Most employees won't even talk to an author without a go-ahead from the top. This means that, even without Deere & Company's roots date to 1836, when a blacksmith named John Deere moved from Vermont to the frontier settlement of Grand Detour, Illinois. Deere set up a shop that could provide stout hayforks, horseshoes and wagon parts. He talked with farmers, who complained that it was very difficult to plow the dense Midwestern turf. Plows made in the Northeast didn't work in the rich heavy soil. In 1837, Deere decided to devise a plow that would scrape off the topsoil, turn it over and let it glide off the plow. Even without an explicit quid pro quo, corporate biographies tend to become trapped in a sort of literary Stockholm syndrome, dependent on their sources for their own survival. That cautionary flag raised, this book provides a worthwhile portrait of one of America's stalwart agricultural companies. Deere & Company's values are as plain and honest as the face of a farmer atop his Deere tractor. Although the book would have been more engrossing if it offered pictures and sharper anecdotes, particularly from times when things didn't go well, we recommend it to those interested in agriculture, corporate histories or values-driven management.

Jeremy Dahlstrom.......2005-08-27

In this book David does a great job of showing just how the corporate culture at Deere & Company has developed over time while continuing to rely upon a basic set of core values that began with the company's founder and namesake and have been carried forth since. He traces how the company has continued to stay true to it's roots while struggling to compete in a continuously changing business and agricultural environment.

Great Primer on the Company.......2005-08-11

The John Deere Way is an excellent way to learn about the basics of what make John Deere a legendary organization. From the history to the operational strategies and values, it covers all of the important information needed to understand Deere. It would have been nice, however, if the book was a little less repetitive at times and did not contain glaring vernacular errors such as "you can take the country out of the boy but you can't take the boy out of the country". But overall, an excellent primer on Deere & Co.

From Land Reform to Revolution: The Political Economy of Agricultural Development in Iran 1962-1979 (Library of Modern Middle East Studies, 4.)

Average customer rating:

From Land Reform to Revolution: The Political Economy of Agricultural Development in Iran 1962-1979 (Library of Modern Middle East Studies, 4.)
Fatemeh E. Moghadam , and E. Fatenmeh Moghadam
Manufacturer: I. B. Tauris & Company
ProductGroup: Book
Binding: Hardcover

Development & Growth | Economics | Business & Investing | Subjects | Books

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ASIN: 1860640060

Book Description

An examination of the political economy of agricultural development in Iran during the oil-boom period of the 1960s and 1970s. The author focuses on two interdependent aspects of agricultural development: structural changes in property and labour relations, and productive efficiency and growth of output.

Basing her approach on a consideration of the political, social and historical contexts of change, the author shows how developments in the agricultural sector affected the broader society. The period under study is initially marked by the consolidation and enhancement of the power of the monarchy, and ends with its downfall in 1979. Moghadam argues that structural changes in property and labour relations in the agricultural sector help account for the revolution and for the active role of the "ulamar" in it.

Marketing of Agricultural Products (9th Edition)

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Marketing of Agricultural Products (9th Edition)
Richard L. Kohls , and Joseph N. Uhl
Manufacturer: Prentice Hall
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Agricultural Economics and Agribusiness, 7th Edition

Average customer rating:

A great book of Agribusiness

Agricultural Economics and Agribusiness, 7th Edition
Gail L. Cramer , Clarence W. Jensen , and Douglas Dewitt Southgate
Manufacturer: John Wiley & Sons
ProductGroup: Book
Binding: Hardcover

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Farm Management
Scientific Farm Animal Production (9th Edition)
Marketing of Agricultural Products (9th Edition)
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Agricultural Economics, Second Edition

ASIN: 0471173762

Book Description

Comprehensive coverage of both the micro and macro facets of agricultural economics and agribusiness. This book includes the most current data available on such topics as the description of the food and fiber system, the effects of the North American Trade Alliance on Agribusiness, and GATT.

Customer Reviews:

A great book of Agribusiness.......2000-05-18

Some time ago, I had in my hands this book. And never forgot it. This book is the most comprehensive work about agri-markets. In fact, in a wide range of topics we can learn macro and micro economics that rules this special market. I remember, in special, the chapter that describes the price determinations. The clarity of concepts with a easily assimilation, with a lot of cases that get to readers a simply notion of his contents. In brief I believe this book is a powerfull tool for students, farmers, economist, and all those people interesten in behavoir of Agri Markets.

Agricultural Options: Trading, Risk Management, and Hedging (Wiley Finance)

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Agricultural Options: Trading, Risk Management, and Hedging (Wiley Finance)
Christopher A. Bobin
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

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ASIN: 0471524298

Book Description

Agricultural Options Trading, Risk Management, and Hedging If you're a trader, a hedger, a speculator, or even a novice at the ag market game, this is the book for you. Written by a leading options expert, Agricultural Options: Trading, Risk Management, and Hedging gives you the principles and proven strategies you need to profit in all the ag option markers— wheat, corn, soybeans, livestock, soft commodities, and more. You'll learn:

All the mathematical background and formulas you need to win in today's ag market
All about options in general and agricultural options in particular
Risk management strategies, option pricing factors, and trading techniques

Plus, the book contains detailed case studies of option trades that illustrate the best strategies and how—and why—they work. With Agricultural Options, you're right on top of the game.

Worlds of Food: Place, Power, and Provenance in the Food Chain (Oxford Geographical and Environmental Studies Series)

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Worlds of Food: Place, Power, and Provenance in the Food Chain (Oxford Geographical and Environmental Studies Series)
Kevin Morgan , Terry Marsden , and Jonathan Murdoch
Manufacturer: Oxford University Press, USA
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Fair Trade: The Challenges of Transforming Globalization

ASIN: 0199271585

Book Description

From farm to fork, the conventional food chain is under enormous pressure to respond to a whole series of new challenges - food scares in rich countries, food security concerns in poor countries, and a burgeoning problem of obesity in all countries. As more and more people demand to know where their food comes from, and how it is produced, issues of place, power, and provenance assume increasing significance for producers, consumers, and regulators, challenging the corporate forces that shape the 'placeless foodscape'. Far from being confined to niche products, questions about the origins of food are also surfacing in the conventional sector, where labelling has become a major political issue. Drawing on theories of multi-level governance, three leading scholars in the field explore the geo-politics of the food chain in different spatial arenas: the World Trade Organization, where free trade principles clash with fair trade concerns in the debate about agricultural reform; the European Union, where producers are under pressure from environmentalists for a more traceable and sustainable food system; and the US, where there is a striking contradiction between the rhetoric of free markets and the reality of a heavily subsidised farming sector. To understand the local impact of these global trends, the authors explore three different regional worlds of food: the traditional world of localised quality in Tuscany, the peripheral world of commodity production in Wales, and the frontier world of agri-business in California.

Agricultural Futures and Options: Principles and Strategies (2nd Edition)

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Agricultural Futures and Options: Principles and Strategies (2nd Edition)
Wayne D. Purcell , and Stephen R. Koontz
Manufacturer: Prentice Hall
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Binding: Hardcover

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ASIN: 0137799438

Book Description

Reflecting on the agricultural future options markets as the stable road through the often times volatile world economy, this important guide provides a basic but functional treatment of futures/options in price risk management for agricultural commodities, fully supporting material with actual data analyses to demonstrate and illustrate concepts. Offers an integrated treatment of fundamental and technical analyses of the markets, and provides extensive treatment of fundamental demand/supply analysis with data-rich examples and illustrations. Presents full coverage of technical analysis, using actual charts and prices to demonstrate concepts, and discusses the bar chart as guides to management decisions. Emphasizes interest rate, stock index, and currency futures as important to the agribusiness and multinational firm, providing a detailed study of these dimensions and sources of risk. Now updates all data-driven illustrations and examples and offers extended content, coverage, and sophistication to treatment on options.

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