Position. In dealing in futures (contracts maturing in the future) in grain, cotton, coffee, etc., it is
the practise to designate the contracts by the names of the months in which they mature. Thus,
wheat sold for delivery in January is called January wheat; cotton sold for delivery in July is called
July cotton, and so on. The outlook in the market for the different months is called the position.
Thus, if the market for January wheat is strong it is customary to say that the January position (in
wheat) is strong; or, if the market for July cotton is weak it is customary to say that the July position
(in cotton) is weak.