Forward contract introduction

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Forward contract introduction발음듣기

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Every year this apple farmer produces one million pounds of apples.발음듣기

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But he's got a problem.발음듣기

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Every year the apple price jumps around a bunch.발음듣기

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Sometimes it sells after the harvest for over $0.30, and this guy makes a ton of money per pound.발음듣기

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And then sometimes it drops down to $0.10 per pound, and this guy can't even cover his costs.발음듣기

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And on the other side of the equation, you have this pie chain right over here.발음듣기

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So they specialize in making apple pies.발음듣기

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And when the price of apples goes super high, these guys can't cover their costs.발음듣기

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They start running a loss.발음듣기

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But when the price goes really low, they have this kind of bonanza.발음듣기

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But neither party here likes this scenario.발음듣기

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They don't like the unpredictability of one year having a feast and then one year having a famine.발음듣기

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So what they can do is, let's say we have the harvest coming up.발음듣기

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The pie farmer is kind of afraid.발음듣기

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Well, what if the price of pies goes back down to $0.10 per pound?발음듣기

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Then he's going to go broke.발음듣기

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The pie chain is afraid.발음듣기

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What the price of pies goes up to $0.30 a pound?발음듣기

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Then these guys are going to go broke.발음듣기

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So what they can do is agree ahead of time, regardless of what the actual market price of pies ends up being after the harvest, they could agree to transact at a specified price.발음듣기

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So they could set up a little contract right here.발음듣기

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So they could set up a contract where the chain agrees to buy one million pounds at a specified date, - let's just say after the harvest - at the harvest for $0.20 a pound.발음듣기

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This works out well for the chain because regardless of what the market price ends up being, they can ensure that they will pay $0.20 a pound, which is a good price where they could make a decent profit and at least they have the predictability and they can plan on things.발음듣기

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And it works out for the farmer because he knows that a $0.20 a pound, he can cover his costs and pay his rent and pay his employees and feed his family.발음듣기

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And it also takes out the unpredictability, the volatility for him as well.발음듣기

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So what we have set up right here is actually called a forward contract.발음듣기

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This is a forward contract.발음듣기

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And what it is, as you can see, is in agreement and it's an obligation for both parties to transact in the future at a specified price.발음듣기

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So at the time of this harvest when they write this contract, they would specify this date - I don't know what it might be - November 15.발음듣기

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And at November 15, this farmer is obligated to deliver million pounds of apples.발음듣기

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And then this pie chain is obligated to produce the money, to pay $0.20 a pound or essentially produce $200,000.발음듣기

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And that way, they both are essentially able to avoid the volatility and make sure that they can survive.발음듣기

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