Vertical Integration - The degree to which a firm owns or controls enterprises either above or below its current position in the marketing chain. For example, a packer, which owns a cow-calf operation and a feedlot is vertically integrated in the beef industry.

Visible Supply - The total supplies of a particular commodity "in sight" in all commercial facilities including warehouses, terminals, elevators, and processors or inventory in shipment from any of these. It is considered "visible" since the amount can be accurately measured by regular voluntary or compulsory reporting of all owners.

Volume or Volume of Trading - The total purchases or sales of commodity futures or options contracts during a specific period, usually a trading day, a month or a year. Since the number of "buys" equals the number of "sells," only one or the other is shown in published volume reports.


Warehouse Receipt - A legal document issued by a warehouse or elevator describing and guaranteeing the existence of a specific quantity and grade of a commodity in the warehouse or elevator.

Weak Hands

  • When used to describe delivery of commodities on futures contracts, "weak hands" usually means receivers of the commodities do not intend to retain ownership of the commodity.
  • When used to describe futures positions, "weak hands" usually means positions held by small speculators.
  • Opposite to "strong hands."

Weekly Continuation Chart – A futures price chart similar to a daily continuation chart except that each vertical bar represents the weekly high, low and closing price instead of the daily high, low and closing price.

Writer – The issuer, seller or underwriter of a put or call option

World Trade Organization (WTO) – The only global international organization dealing with the rules of trade between countries including the GATT. Basically, the WTO is an organization where member country's governments meet to try to solve trade problems with each other. The WHO is located in Geneva, Switzerland.