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Trading Commodities and Financial Futures: A Step-by-Step Guide to Mastering the Markets, Third Edition by George Kleinman

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Delivery months

Every futures contract has standardized months that are authorized by the Exchange for trading. For example, wheat is traded for delivery in March, May, July, September, and December. If you buy a March contract, you need to sell a March contract to offset your position and meet your contractual obligation. If you buy a March wheat contract, and you sell a May wheat contract, you have offset nothing. You are still “long” March and now “short” May. Some commodities are traded in every month, but by convention, some contract months are traded more actively than others. For example, gold trades in every month of the year, but the active months are February, April, June, August, October, and December. On the London Metal Exchange, ...

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