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Yesterday I had a nice conversation with a friend of mine which concerned the legality of some transactions on the commodity derivative market (particularly options) if originated by the farmers. In the core of our discussion was the question whether or not the farmers are allowed to sell a call. My friend, who is a US citizen, has maintained that such a transaction has been banned by the law as being a speculative one. I cannot see any reason for preventing the farmers from selling a call and suspect that my friend could be wrong.
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