A treasury of wisdom and insight about agricultural markets from the mind of Tom Hieronymus
Have you ever wondered …
- Why soybeans are such an important market?
- What is the role of speculation in markets?
- Why is the basis so important to grain elevators?
- Is it possible to succeed in trading futures on agricultural commodities?
If you are curious about questions like these, It’s All Speculation is the place to look for answers. This book will transform your understanding of how agricultural markets developed and why they work the way they do. Don’t miss the chance to learn from one of the best agricultural economists of any era!
HOW TO PURCHASE
Click the image to the left or this link to purchase a paperback version of It’s All Speculation at Ingram Spark for only $18.99 plus shipping and handling!!
Click the image to the left or this link to purchase a hardcover version of It’s All Speculation at Ingram Spark for only $23.99 plus shipping and handling!!
Print versions of It’s All Speculation also can be purchased from Amazon (paperback, hardcover) and Bookshop.org (paperback, hardcover).
Looking for the ebook version of It’s All Speculation? The ebook version is available at the following retail sites: Amazon, Bookshop.org, and Google Play.
ABOUT THE BOOK
Unlock the Secrets of Agricultural Markets and Elevate Your Financial Game
Professor Thomas (Tom) A. Hieronymus was a brilliant analyst of agricultural markets. His remarkable work on policy, prices, trade, and futures markets is accessible to the public for the first time in this collection. The book dives deeply into the intricacies of agricultural markets and futures trading during the 20th century, covering key aspects like speculation, government policies, market dynamics, and regulation. A comprehensive analysis of how these elements influenced the markets is provided. Author notes at the beginning of each chapter contain interesting and entertaining backstories.
- Explores the rapidly expanding market for soybeans and the impact of futures speculation on agricultural commodities.
- Analyzes governmental policies such as price controls and supports in the 1950s through the 1970s.
- Discusses advanced concepts like basis risk and hedging strategies for effective risk management.
- Covers case studies like the Tino De Angelis soybean oil scandal to highlight futures market manipulation and regulation.
This book will give you invaluable knowledge about agricultural markets that will inform your analysis and trading decisions today. This understanding is crucial for financial growth and economic awareness. Written with uncommon style and wit, It’s All Speculation is suitable for both novices and experts in the field.
Professor Hieronymus was a distinguished academic in agricultural economics whose career at the University of Illinois spanned over four decades. By reading this one-of-a-kind classic, you can glean a lifetime of market insights and set yourself up for success!
PRAISE FOR IT’S ALL SPECULATION
“This collection of papers, spanning from 1950 to 1993, showcases Dr. Tom Hieronymus’ influential role in the development of agricultural futures markets in the United States. His writings have had a lasting impact on practitioners, scholars, and extension agents, providing a strong defense of market-based price discovery and risk management. This collection offers invaluable insights into the evolution of agricultural futures markets, capturing the critical debates and shifts in understanding that shaped their development over several decades.”
-Teresa Serra, Professor and T.A. Hieronymus Distinguished Chair in Futures Markets, University of Illinois
“The academic community and futures industry are fortunate that this book is now widely available. Readers will be drawn to Dr. Hieronymus’ straightforward, yet colorful, writing style. In particular, the chapters covering futures trading, speculation, and price analysis are golden…It’s All Speculation should be a cornerstone reference for all market regulators, agricultural policymakers, merchandisers, researchers, and traders.”
-Dwight Sanders, Professor of Agribusiness, Southern Illinois University
“This collection of writings produced over a period of four decades illustrates first and foremost Tom’s brilliance in understanding agricultural markets and price relationships. Few were more accomplished. In addition, his understanding of agricultural policy, trade, and regulation are on full display…these writings are an absolute treasure for those seeking insight into the world of agricultural markets and policy.”
-Darrel Good, Emeritus Professor of Agricultural Economics, University of Illinois
“It is a great read for much more than historical reasons. Crucially, it provides essential and still-relevant information about the various types of cash market participants, as well as their objectives, constraints, and strategies, that finance textbooks either oversimplify or simply ignore. It is the cash market, and the folks and entities behind the physical trades, that make commodity futures markets different from other financial markets. Even today, with commodity markets that have become financialized and where between half and three-quarters of the commodity futures trading is automated, this classic work should be required reading for anyone interested in commodity markets and trading.”
-Michel Robe, The Patricia A. and George W. Wellde, Jr. Distinguished Chair in Finance, University of Richmond
“Beyond futures and markets, this book is a surprisingly rich resource for those interested in agricultural policy with valuable insights on policy developments in the critical period after World War II and through the 1960s. Dr. Hieronymus’ writings provide relevant snapshots of a variety of policy issues during the years in which the New Deal parity system was breaking down, as well as some specific background on the early developments of soybean support policies. This book will be a great resource for additional research into the history and development of agricultural policies.”
-Jonathan Coppess, Gardner Professor of Agricultural Policy, University of Illinois
“A few of my favorite chapters focus on the economic role of futures markets (Chapter 28 – Futures Markets and Equity Capital) and price forecasting (Chapter 33 – The Use of Fundamental Analysis and Price Forecasting). I often provide these chapters, among many others in the book, as reading for my students. “It’s All Speculation is a must read for anyone interested in commodity futures markets, and it makes a great companion to Tom’s other classic book Economics of Futures Trading.”
-Mark Manfredo, Professor of Agribusiness, Arizona State University
Q&A WITH SCOTT IRWIN
I am completely inexperienced and confused about how agricultural markets operate. By reading this book, will I learn how these markets work?
Yes. Understanding agricultural markets doesn’t need to be complicated. This comprehensive book simplifies the process so that anyone can learn, no matter their previous experience.
You will be taken through the basics of agricultural markets–such as the influence of agricultural policies, the changing importance of trade in agricultural markets, how to hedge in the grain futures market, how a commodity futures market operates, and the important players in the markets.
I recommend reading this book as a foundation for all students of commodity futures markets.
I do have previous experience and education in agricultural trading. Will this be a waste of my time?
Absolutely not. This is a classic book that every serious commodity trader and investor should treasure and have on his or her bookshelf. Anyone can learn from the priceless wealth of insight that Dr. Hieronymus freely shared in this book.
What are some of the topics addressed in this book on agricultural markets and policy?
Dr. Hieronymus delves deeply into manipulation in futures markets, the impact of price support programs in the soybean market, changing trade patterns, and the role of changing harvest and storage technology on the structure of grain markets, among other topics. An important theme throughout the book is his full-throated support of competitive markets free of government intervention.
ABOUT THE AUTHOR, THOMAS A. HIERONYMUS
Professor Thomas A. Hieronymus was born and raised on a farm near Atlanta, Illinois. He graduated from Atlanta High School in 1937 and attended Illinois State University from 1937 to 1940. He earned a bachelor’s degree in vocational agriculture from the University of Illinois in 1941 and then taught at Malta High School for two years. He served in the U.S. Army from 1943 to 1946 as a first lieutenant, participating in numerous major battles in Europe, and earning several citations and decorations. He returned to the University of Illinois to earn an M.S. degree in 1947 and a Ph.D. in 1949 in agricultural economics. Dr. Hieronymus then immediately joined the faculty and advanced through the professorial ranks in the Department of Agricultural Economics. He served with distinction until he retired as Professor Emeritus in 1981.
Dr. Hieronymus’ interest in futures markets began with his Ph.D. dissertation entitled The Economics of Risk in the Marketing of Soybeans and Soybean Products. His influence on the field of futures markets was immense and he directly shaped its evolution. He wrote his magnum opus, Economics of Futures Trading, originally as a textbook for college students. Over the years, however, his book on futures markets became the industry go-to for both students and traders alike. It essentially became a handbook for nearly everyone with an interest in the commodity futures markets. Economics of Futures Trading was first published in 1971 and, after gaining continued popularity, was reprinted in 1977. The timeless and reliable wealth of knowledge shared in this classic continues to equip students and traders for success in the field of commodity futures markets.
Not to be overlooked, Professor Hieronymus educated, advised, and influenced generations of students at the University of Illinois. He taught, among other courses, Grain Marketing, Agricultural Price Analysis, and Commodity Futures Markets and Trading. He also held an Extension appointment for several years and instructed non-degree students and futures market users throughout the State of Illinois. Many of these students, graduates, associates, and collaborators went on to hold important and prominent positions in the futures industry.
His career accomplishments were celebrated in 1993 with the creation of the Office for Futures and Options Research and the associated Thomas A. Hieronymus Distinguished Chair in Futures Markets.