The futures market was set up for hedgers and speculators. I think there is one hedger there.
The reality is hedgers moved to contracts to lock in costs and sales prices.
Producers have tried hedging and contracts to level their income but many times when they do they have regretted it.
Your comment did not blow by me. Yes, contracts easier than hedges, speculator world. Nymex ran out of arbitrage on maine potatoes so they created a new playpen and mucked up the works.
Energy’s long cycle times got really messed up by futures trading. Not suited to long cycle time tems. Should have never happened.