I work at a food manufacturer and I’m being promoted to manage and hedge our agricultural commodity price exposure. I’ve been using the CME group for their basic video tutorials which are helpful, but what I find most difficult is understanding all of the technical jargon in each market and breaking down which components make up the final cost of goods (ie: wheat = cost basis, mill fees, future contract, freight, etc). There are so many terms that I’m not familiar with I feel like I need a glossary.
Most resources seem to focus specifically on commodity trading whereas I need a resource to help me understand the basic principles of purchasing and sourcing. Any suggestions? Thanks!