ctual delivery--but there are obviously times when it is
advisable to cover one's requirements for a longer period. A jobber may
do this on the Exchange where he will always find a seller at _some_
price for the quantity he desires.

This privilege is particularly valuable to:

1. Jobbers who believe that the market price of Sugar is going
higher and who desire to cover their future requirements beyond the
delay period which refiners will extend.

2. Jobbers, who desire to sell to manufacturing customers for
future delivery at a fixed price so that these manufacturing
customers may determine their selling price, may do so by the use
of the Exchange.

_1. Buying of sugar futures--Based upon the expectation of higher
prices_

No doubt many jobbers will recall occasions when anticipating their
requirements seemed obviously advisable, perhaps almost imperative.
Such a jobber would be one who believed in the market. His action would
be based on his opinion of the market. He might note in January, let us
say, that the price of May or July futures is favorable. He would like
to get his May or July sugar at about that figure. You yourself
probably can recollect many times in the past, when the general market
was in such a strong position fundamentally that anticipating your
requirements seemed advisable. You decided to buy a considerable
quantity only to find that refiners would not sell you to the extent
that you wished to purchase. When covering your future requirements on
the Exchange, you can buy any quantity desired.

Consider also on how many occasions when you wanted and _needed_ a
definite future month of shipment, you have been told that "_as soon
as possible_" was the only acceptable basis.

Or have you had the experience of placing an order and waiting
twenty-four or thirty-six hours without knowing if the refiner would
accept your order? Meanwhile the market might have advanced, and, if
your order had been declined, you would have had to pay an even higher
price for your sugar. The facilities of the exchange offer opportunities
for protecting requirements _quickly_ and without the uncertainty and
delay sometimes encountered from refiners.

A jobber must anticipate the market in order to take full advantage of
it, and in this connection it should be borne in mind that the Sugar
Exchange, as in the case of practically all exchanges, usually
anticipates either favorable or unfavo