For each of the following situations explain whether the individual is more likely using Future's has a heading tool or for speculative purposes.

1) A gasoline refinery purchases oil futures.

2) A Ford factory worker purchases wheat features.

3) The CEO of an orange juice company purchases oil futures.

4) And orange farmer sells orange futures.

5) A wheat farmer purchases orange futures.

For each of the following situations, explain whether the individual is most likely using futures as a hedging tool or for speculative purposes: a) A gasoline refinery purchases oil futures. b) A Ford factory worker purchases wheat futures. c) The CEO of an orange juice company purchases oil futures d) An orange farmer sells orange futures e) A wheat farmer purchases orange futures