Andrew McKenzie, a professor in the University of Arkansas Department of Agricultural Economics and Agribusiness, has co-authored a new book, Physical Grain Trading: Core Concepts and Real-World Scenarios, which provides insight into commodity markets and risk management.

Written alongside Chris DeLong, president of DeLong Co. Inc., and Thomas Meierotto, a futures broker with R.J. O'Brien, the book combines more than 70 years of collective academic and industry expertise. The result, McKenzie said, is a resource that provides both practitioners and students with a comprehensive understanding of how risk is managed across commodity supply chains. 

"The inspiration came from wanting to share the knowledge I've gained about futures and options markets, grain marketing and merchandising, and price risk management over the years," McKenzie said. "My co-authors had already started this project and kindly asked me to join them two years ago. By combining our academic and industry expertise, we were able to write a novel book with a new lens on how risk is hedged across commodity supply chains." 

McKenzie has taught futures and options at the university for 27 years. He said the book is designed with a dual audience in mind: commodity industry practitioners and universities. He hopes that it will be adopted as a comprehensive text for commodity risk management courses. 

Unlike other introductory resources, the book goes beyond the basics. It explores advanced strategies, incorporates real-world scenarios, and blends academic rigor with hands-on industry knowledge. McKenzie said this approach ensures the material is both practical and research-driven, equipping readers with tools to make informed decisions. 

"The goal of the book is to offer a comprehensive exploration of essential concepts and advanced strategies in the grain industry," he said. "It bridges the gap between theory and practice, empowering market participants with actionable knowledge." 

McKenzie credited his students, industry mentors, and academic colleagues for helping shape his career and, ultimately, the book. "I would like to thank the many students I have taught at the University of Arkansas. They have motivated me to do my best to learn and convey the material in this book in the classroom," he said. He also acknowledged mentors Scott Hardy, Jason Wheeler, and Roger Gattis for teaching him basis trading, and Matt Holt, his academic mentor at North Carolina State University. 

He further recognized the Fryar Price Risk Management Center of Excellence at the University of Arkansas for providing opportunities to deepen his expertise in commodity risk management. 

The book is available in hardback, paperback, and digital formats through Springer, Amazon, Barnes & Noble, and other major retailers.

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