Back to the Futures: Crashing Dirt Bikes, Chasing Cows, and Unraveling the Mystery of Commodity Futures Markets

by Scott Irwin, Doug Peterson

Cracking the code of commodity futures markets

Many people believe that a background in economics is required to understand commodity futures markets. But what if you could learn how these markets work—and have fun while doing it? Introducing Back to the Futures, a book that provides a unique perspective on the world of commodity futures markets, shaped by the personal experiences and professional insights of Dr. Scott Irwin, a leading expert in the field. Readers will learn about the role of speculators, price discovery, the evolution of trading practices, the impact of regulatory measures, the transition from open outcry to electronic trading, commodity investments, and much more. A storytelling format is used throughout that is sure to keep you entertained.

Experience the author's journey from a farm boy in Iowa to a renowned agricultural economist.Gain an inside look into the world of commodity futures trading, with a special focus on the role of speculators.Learn from other industry experts, such as Terry Duffy, CEO of the CME Group, the largest futures exchange in the world, and Leo Melamed, the man who revolutionized futures markets with electronic trading.Discover why it is essential to understand futures markets, whether you are talking about soybeans, cattle, or the largest market of them all—crude oil.Take a front-row seat as the author defends commodity futures markets during the 2008 economic crisis.Readers of Back to the Futures will gain a rich understanding of commodity futures markets that informs their own trading decisions and investment perspectives. This book is suitable for both novices and experts in the field.

Dr. Scott Irwin, a global thought leader in agricultural economics, has been studying, teaching, and participating in the world of commodity futures since growing up on his family farm in Iowa. His expertise and captivating storytelling abilities make him the ideal guide for this unforgettable journey through the world of commodity trading.

This memoir-meets-economics book has received the following

2024 Finalist for the Eric Hoffer Award for Excellence in Independent Publishing2024 Semi-Finalist for the Book Life Prize in Business and Personal Finance2023 Long List Selection for Inc. Magazine’s Non-Obvious Book Awards

Genres: Nonfiction, Finance

382 pages, Kindle Edition

Published April 19, 2023

About the author

Dr. Scott H. Irwin, the Laurence J. Norton Chair of Agricultural Marketing at the University of Illinois, is a globally recognized leader in agricultural economics and multi-published author of commodity books. His influential research on commodity markets is sought after by academics, farmers, and policymakers alike. He’s a frequent media commentator for prestigious outlets like The Wall Street Journal and The New York Times. He has over 40,000 followers on social media, the largest following for an agricultural economist worldwide.

Dr. Irwin is best known for his work on commodity market speculation and biofuel policy, leading to invitations to testify before the U.S. Congress and the OECD. His vision and leadership have been a driving force behind the innovative farmdoc project that benefits farmers throughout the world. This award-winning project has been dubbed the “Wall Street Journal of ag business.”

He is a Fellow of the Agricultural and Applied Economics Association (AAEA), the highest honor accorded to members. He has also received numerous AAEA awards for his contributions to research, extension, and policy. Dr. Irwin holds a B.S. in Agricultural Business from Iowa State University and earned his M.S. and Ph.D. in Agricultural Economics from Purdue University. Currently, he teaches courses on commodity price analysis. His lifelong fascination with commodity markets began in his childhood, accompanying his father to the local grain elevator to track the latest prices from ‘Chicago.’

Reviews

[Emily Saeugling · Rating 5 out of 5]

Ag econ has never been my cup of tea and I thought this was going to be a challenge to read…

Pleasantly surprised by Irwin’s nostalgic storytelling and easy to understand descriptions of speculators, futures contracts, and historically significant events in ag markets.

P.S. you’ll especially love his stories if you’re from western IA, attended ISU, or heard your parents / grandparents share about growing up on the farm :)

[Brenda S · Rating 5 out of 5]

Let me explain my five star rating. I know the author, Scott Irwin, personally. I went to high school with him. This book would be of interest to Farmers wanting to learn more about the futures market, commodities trading, etc. This book also is for you if you went to high school in the 70s at YJB in Jamaica, Iowa. It’s not gonna be everybody’s cup of tea. But it sure was mine! Good job, Scott. Who knew??! 🥰

[Carol Deardorff · Rating 5 out of 5]

A thoroughly enjoyable & educational read—I learned a lot about commodity futures, but also, having grown up in the area, I greatly appreciated the reminiscences about folks I knew (& still know) & loved.
The events tie in so well with the mystery world (to me) of futures & how the economics work—I did take economics at Iowa State but surely don’t remember enough about that class!
Great book Scott!

[Kara A · Rating 4 out of 5]

This book has fun stories and great explanations! I thoroughly enjoyed reading this book and feel like my understanding of Futures is significantly better than it used to be. All of the personal anecdotes make the learning fun and tangible in this book. I’ve read many finance books that are boring and feel like they go on forever- this book is the opposite of that! I’m grateful to the authors for writing this book. I have nothing but praise for Back to the Futures!

[Book Reviewer · Rating 4 out of 5]

Back to the Futures: Crashing Dirt Bikes, Chasing Cows, and Unraveling the Mystery of Commodity Futures Markets is an engaging journey through the vibrant history and intriguing practice of Futures trading, blending insight, humor, and reflection in a balanced composition. Authors Irwin and Peterson excel in demystifying the mechanics and strategies of Futures trading, intertwining humorous and poignant narratives from their early years to effectively underscore their points.

Irwin, drawing on his experiences as a farm boy and adventurer, employs tales of boldness and risk to illustrate the courage, expertise, and fortune necessary to navigate the Futures market successfully. The authors' innovative approach to elucidating complex stock terminologies and economic theories through relatable stories and anecdotes is commendable, making Back to the Futures a compelling read for both educational and leisure purposes.

The book's narrative is dynamic and impactful, with Irwin and Peterson creating a rhythmic flow that makes the content both accessible and emotionally resonant. While Back to the Futures stands out as an informative and entertaining resource, I feel it occasionally adopts a more narrative-driven approach at the expense of in-depth terminological clarity. This choice, particularly given Irwin's expertise in agricultural economics, seems to prioritize readability and engagement. I believe that including a detailed glossary or appendix could further enrich the reader's understanding and appreciation, complementing the book's already strong narrative with essential academic rigor.

Back to the Futures imparts a sense of joy, enlightenment, and a deeper comprehension of the Futures market and the art of speculation. The book challenges the negative connotations associated with speculation, leaving readers with a newfound understanding and anticipation for a second reading. Its unique blend of personal anecdotes with complex financial concepts makes it a notable contribution to its field.

[Steve Wegman · Rating 4 out of 5]

Irwin, a University of Illinois Ag Economics professor tells stories to explain how the futures market works. Each chapter kicks off with a personal story, mostly of crazy things he did as a child or college student, which he uses to introduce a concept in the world of futures trading.

I related to this book because of my personally similar childhood and the fact that I count co-author Doug Peterson as a friend. But being one among the vast majority of people who have never understood futures markets to be anything other than legal gambling, this book was enlightening. Not saying I'm going to start buying futures, but at least I have an appreciation of why they exist and what good they do.

It's remarkable that Irwin lived to become an adult, let alone an internationally recognized expert in his field.

[Stu Ellis · Rating 5 out of 5]

How could a crash of a dirt bike be connected with the futures market? Scott Irwin knows both firsthand and his co-author Doug Peterson assisted in connecting both disparate concepts into a delightful fast read. Each of the 21 chapters begins with Irwin's shenanigans as a farm boy, with the reader wondering how it did not end in a fatality! Good thing it didn't or logical explanations of how the futures market developed would remain arcane to nearly everyone. Long live Scott Irwin and his best Iowa farm friend Jack Hunter. I can't wait for the sequel! Will it be "The Futures and Beyond!"?

[Jeff Clements · Rating 5 out of 5]

As others have expressed, didn't think I'd find myself reading a book on agricultural futures markets, but am glad I now have. Knowing Scott personally, we've spent some time together sitting on bleachers watching our children play sports, gave me the impetus to delve into Back To The Futures.

Scott's stories of the crazy antics of his youth on the farm, into his college days and beyond, were highly entertaining and woven relevantly into the more scholarly parts of each chapter. Kudos to co-author Doug Peterson for that seamless blending process as described in the author's notes.

Back To The Futures was a fun read and I learned some things too!

[Randal White · Rating 3 out of 5]

I really thought that I would like this book. It's a subject that I know nothing about, but has always interested me. Unfortunately, I was lost. The background stories were interesting, kind of reminded me of Michael Perry's stories of growing up on a farm. But when it came to understanding the mechanics of futures trading, I just could not follow. Absolutely more of a reflection of me, and not of the author's abilities. I guess at the young age of 64, I will not become a wealthy futures trader!

[Arnav Chandak · Rating 5 out of 5]

I took a class with Professor Irwin and it was truly incredible. I reached out to him after class and he was generous enough to lend me a copy of his book. This has been one of the most interesting books I have read thus far, and I love how he breaks down complex topics into rather simple explanations. It's been a joy to read all of his anecdotes. 10/10 hands down.

[Katie · Rating 3 out of 5]

I learned something about the history of futures markets and had lots of deja vu stories about economists I've worked with. It was a very readable book, but is honestly more like a memoir than a primer on futures markets. If that's what you're looking for, then it will be a satisfying read.

[Samuel Manolo]

Good book about commodities and history of hedging.