Go to the website for the Chicago Mercantile Exchange www.cmegroup.com and find an appropriate contract for hedging each of the following risks. Explain the reasons for your choice of contract. Also list the position you would take (long or short) and why.

a) A natural gas producer believes there will be excess supply in the market this year.

b) A U.S. exporter of construction equipment has agreed to sell some cranes to a German construction firm. The U.S. firm will be paid in euros in three months.

c) A manufacturer of photographic film is concerned about risking costs.