7.3.3.5. Bona Fide Hedger Reports
All bona fide hedgers with reportable futures and option positions in grains, soy products, or cotton that exceed the speculative position limits must file a monthly report with the CFTC. The reports must be filed on Form 204 (Statement of Cash Position for Grains) or Form 205 for cotton. These reports are used to determine whether a hedger has sufficient cash positions to justify positions in these commodities above the speculative limits.
Firms must report the cash position of each commodity hedged. Each monthly report mus
