To 'get' puts and calls you have to back up to the underlying futures contract. You can either buy, or sell a contract. It doesnt matter if you own corn, plant corn, or not. The contract will specify when and where you must make, or take delivery. In reality, few contracts are delivered or collected. Most people, if they sold one, will buy one to cover it and sell their production locally or if they bought one, will sell one and buy what they need locally. Regardless, you will win on one side, lose on the other but guarentee your price.
Puts and calls (both are options) are like insurance. You are buying the right to buy a futures contract at a fixed price for a fixed period of time. They are also traded on the exchanges. The great thing about them is you arent obligated to the full contract, what you pay for the option is all you are obligated for is the price of the option itself.
There are some good tutorials on NYMEX and CBOT. Also, check around locally. My commodities broker is local, just a three person operation in an office trailer beside the stockyards. They are affiliated with an independent dealership to make the actual trades on the exchanges but as far as questions, answers, and ideas they taught me a lot.
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Today's Featured Article - It Can't Be Done! - A Tractor Story - by Neil Campbell. I'll never forget the time back when I was a boy baling hay on our Farm in Big Rapid, Michigan. The most memorable event that took place was a trip up the steepest incline on the farm pulling an old New-Idea baler with a pony-motor for power and a haywagon. I had just talked my Dad into buying an old John Deere B with 6-speeds ahead and I was real proud of it, except it was a little smaller than the Case tractor that we normally
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