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To: Aggie who wrote (32291)	11/30/1998 11:46:00 PM
From: Alski	Read Replies (1) \| Respond to of 95453

Aggie, A futures contract is a firm contract to buy or sell the underlying commodity at a fixed price on the specified date in the future (although some futures settle in cash instead of the actual commodity). Futures are very highly leveraged and losses are not limited to the price of the futures contract. An option buyer has the right, but not the obligation, to buy or sell an underlying futures contract at a specified price. With an option you can choose not to exercise so your maximum potential loss is just the cost of the option. cme.com Hope that helps. Alski