An article in the Wall Street Journal on the market for coffee futures noted that on that

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An article in the Wall Street Journal on the market for coffee futures noted that on that day, “traders began to close out bets that prices would rise, or liquidate their long positions.”

a. What is a long position in the futures market?

b. Were the traders the article describes hedgers or speculators? Had they been buyers or sellers of coffee futures contracts? How would they have “liquidated” their positions?

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