This section of our web site contains an introductory tutorial in the use of dairy-based futures and options. Although this site has been initially designed for use of dairy farm operators. The material contained here will be useful for users of milk as well. We will be expanding this web site to include material specific to dairy manufacturers, processors and purchasers.

Currently, we are undergoing a major change in the way you can make a transition between the tutorial and the data section of our web site. If you experience a problem with having multiple frames showing at once, currently the only solution is to use your browser=s back button to move you back to the original front page of the web site. This will be changed in the near future.

In several sections of this tutorial you have the opportunity to work through while on-line examples illustrating the principles behind the use of futures and options. There are several rules which must be followed when inputting values:

• Cells with downward pointing arrows require you to select from pre-defined choices if you wish to override the default values.
  
• A cell where the number 0 is displayed identifies a calculated cell and does not require user input. These values will change automatically as you through the worksheet.
  
• Cells that are blank require you to input values.
  
• Within a worksheet you must enter values in the user-supplied cells in the order they appear in the worksheet. You are not allowed to skip around. If you do, you may obtain incorrect answers.
  
• For each worksheet there is usually two buttons a and a button. Once you provide a complete set of user supplied values for a particular worksheet you need not to re-enter all of the values to undertake a sensitivity analysis of your previous answers. All you have to do is change a particular value and then hit the button. If you want to clear all values, then hit the button.

In working through this tutorial we would appreciate any comments you may have concerning content. We have tried to make this material as clear as possible. If you find it confusing, let us know. We have also attempted to make sure that the matieral presented is accurate but we may have not found all mistakes. Let us know if something does not make sense to you and we will attempt to either make the correction or answer your questions if the material is correct. If you have questions, contact any of the people listed in the CONTACT section.