61. A futures contract is a type of derivative instrument, or financial contract, in which two parties agree to transact a set of financial instruments or physical commodities for future delivery at a particular price. T or F

62. Futures are used as financial instruments by not only producers and consumers but also speculators. These three form the necessary triad for the futures market. T or F

63. Forward contracts are the direct result of today's futures contracts. T or F 64. Today's futures market is a global marketplace for not only agricultural goods, but also for currencies and financial instruments. T or F

65. Because of modern technology, commodities prices can be seen throughout the world, so a Kansas farmer can match a bid from a buyer in Europe. T or F

66. _______ is sometimes called the deposit, the margin represents security to cover any loss in the market value of the contract that may result from adverse price changes. This is the cost of trading in the futures market.