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Back to the Futures: Crashing Dirt Bikes, Chasing Cows, and Unraveling the Mystery of Commodity Futures Markets
Cracking the code of commodity futures markets
Many people believe that a background in economics is required to understand commodity futures markets. But what if you could learn how these markets work—and have fun while doing it? Introducing Back to the Futures, a book that provides a unique perspective on the world of commodity futures markets, shaped by the personal experiences and professional insights of Dr. Scott Irwin, a leading expert in the field. Readers will learn about the role of speculators, price discovery, the evolution of trading practices, the impact of regulatory measures, the transition from open outcry to electronic trading, commodity investments, and much more. A storytelling format is used throughout that is sure to keep you entertained.
Experience the author's journey from a farm boy in Iowa to a renowned agricultural economist.Gain an inside look into the world of commodity futures trading, with a special focus on the role of speculators.Learn from other industry experts, such as Terry Duffy, CEO of the CME Group, the largest futures exchange in the world, and Leo Melamed, the man who revolutionized futures markets with electronic trading.Discover why it is essential to understand futures markets, whether you are talking about soybeans, cattle, or the largest market of them all—crude oil.Take a front-row seat as the author defends commodity futures markets during the 2008 economic crisis.Readers of Back to the Futures will gain a rich understanding of commodity futures markets that informs their own trading decisions and investment perspectives. This book is suitable for both novices and experts in the field.
Dr. Scott Irwin, a global thought leader in agricultural economics, has been studying, teaching, and participating in the world of commodity futures since growing up on his family farm in Iowa. His expertise and captivating storytelling abilities make him the ideal guide for this unforgettable journey through the world of commodity trading.
This memoir-meets-economics book has received the following
2024 Finalist for the Eric Hoffer Award for Excellence in Independent Publishing2024 Semi-Finalist for the Book Life Prize in Business and Personal Finance2023 Long List Selection for Inc. Magazine’s Non-Obvious Book Awards
Many people believe that a background in economics is required to understand commodity futures markets. But what if you could learn how these markets work—and have fun while doing it? Introducing Back to the Futures, a book that provides a unique perspective on the world of commodity futures markets, shaped by the personal experiences and professional insights of Dr. Scott Irwin, a leading expert in the field. Readers will learn about the role of speculators, price discovery, the evolution of trading practices, the impact of regulatory measures, the transition from open outcry to electronic trading, commodity investments, and much more. A storytelling format is used throughout that is sure to keep you entertained.
Experience the author's journey from a farm boy in Iowa to a renowned agricultural economist.Gain an inside look into the world of commodity futures trading, with a special focus on the role of speculators.Learn from other industry experts, such as Terry Duffy, CEO of the CME Group, the largest futures exchange in the world, and Leo Melamed, the man who revolutionized futures markets with electronic trading.Discover why it is essential to understand futures markets, whether you are talking about soybeans, cattle, or the largest market of them all—crude oil.Take a front-row seat as the author defends commodity futures markets during the 2008 economic crisis.Readers of Back to the Futures will gain a rich understanding of commodity futures markets that informs their own trading decisions and investment perspectives. This book is suitable for both novices and experts in the field.
Dr. Scott Irwin, a global thought leader in agricultural economics, has been studying, teaching, and participating in the world of commodity futures since growing up on his family farm in Iowa. His expertise and captivating storytelling abilities make him the ideal guide for this unforgettable journey through the world of commodity trading.
This memoir-meets-economics book has received the following
2024 Finalist for the Eric Hoffer Award for Excellence in Independent Publishing2024 Semi-Finalist for the Book Life Prize in Business and Personal Finance2023 Long List Selection for Inc. Magazine’s Non-Obvious Book Awards
382 pages, Kindle Edition
Published April 19, 2023
About the author
Scott Irwin
1 book11 followersDr. Scott H. Irwin, the Laurence J. Norton Chair of Agricultural Marketing at the University of Illinois, is a globally recognized leader in agricultural economics and multi-published author of commodity books. His influential research on commodity markets is sought after by academics, farmers, and policymakers alike. He’s a frequent media commentator for prestigious outlets like The Wall Street Journal and The New York Times. He has over 40,000 followers on social media, the largest following for an agricultural economist worldwide.
Dr. Irwin is best known for his work on commodity market speculation and biofuel policy, leading to invitations to testify before the U.S. Congress and the OECD. His vision and leadership have been a driving force behind the innovative farmdoc project that benefits farmers throughout the world. This award-winning project has been dubbed the “Wall Street Journal of ag business.”
He is a Fellow of the Agricultural and Applied Economics Association (AAEA), the highest honor accorded to members. He has also received numerous AAEA awards for his contributions to research, extension, and policy. Dr. Irwin holds a B.S. in Agricultural Business from Iowa State University and earned his M.S. and Ph.D. in Agricultural Economics from Purdue University. Currently, he teaches courses on commodity price analysis. His lifelong fascination with commodity markets began in his childhood, accompanying his father to the local grain elevator to track the latest prices from ‘Chicago.’
Dr. Irwin is best known for his work on commodity market speculation and biofuel policy, leading to invitations to testify before the U.S. Congress and the OECD. His vision and leadership have been a driving force behind the innovative farmdoc project that benefits farmers throughout the world. This award-winning project has been dubbed the “Wall Street Journal of ag business.”
He is a Fellow of the Agricultural and Applied Economics Association (AAEA), the highest honor accorded to members. He has also received numerous AAEA awards for his contributions to research, extension, and policy. Dr. Irwin holds a B.S. in Agricultural Business from Iowa State University and earned his M.S. and Ph.D. in Agricultural Economics from Purdue University. Currently, he teaches courses on commodity price analysis. His lifelong fascination with commodity markets began in his childhood, accompanying his father to the local grain elevator to track the latest prices from ‘Chicago.’
Ratings & Reviews
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Displaying 1 - 14 of 14 reviews
September 11, 2023
Ag econ has never been my cup of tea and I thought this was going to be a challenge to read…
Pleasantly surprised by Irwin’s nostalgic storytelling and easy to understand descriptions of speculators, futures contracts, and historically significant events in ag markets.
P.S. you’ll especially love his stories if you’re from western IA, attended ISU, or heard your parents / grandparents share about growing up on the farm :)
Pleasantly surprised by Irwin’s nostalgic storytelling and easy to understand descriptions of speculators, futures contracts, and historically significant events in ag markets.
P.S. you’ll especially love his stories if you’re from western IA, attended ISU, or heard your parents / grandparents share about growing up on the farm :)
January 1, 2026
I learned something about the history of futures markets and had lots of deja vu stories about economists I've worked with. It was a very readable book, but is honestly more like a memoir than a primer on futures markets. If that's what you're looking for, then it will be a satisfying read.
August 10, 2026
A few months ago, I read a Wall Street Journal article about how the effects of the war with Iran had pushed estimated direct payments to farmers for the year to a record high. Wanting to understand the subject better, I looked into the work of Scott Irwin, an agricultural economist at the University of Illinois Urbana-Champaign who was cited in the article. That led me to Back to the Futures (2023), Irwin’s book with University of Illinois writer Doug Peterson, which purports to unravel “the mystery of commodity futures markets.” Irwin presents himself as several things at once: a serious empirical researcher, a prolific writer—including through farmdoc, the University of Illinois platform that translates academic research into plain-language analysis for farmers—and an advocate for policy reform. Much of his work revolves around a basic but thorny question: how are agricultural prices determined, particularly when markets interact with government policy and regulation?
Back to the Futures is, in part, a ground-level survey of the evolution of commodity markets and the economic justification for their existence. It covers the origins of futures markets, the role and scope of speculation, the process of price discovery, the use of hedging to manage risk, and the transition from open-outcry trading pits to electronic markets. At the same time, however, the book is also a memoir of Irwin’s life, beginning with his childhood on an Iowa farm and including a near-death experience involving a combine. Irwin repeatedly uses these autobiographical stories as parables for explaining how futures markets work. The writing is generally accessible, offering gentle introductions to economic concepts that should be understandable to an undergraduate audience, which appears to be the book’s intended readership.
Unfortunately, the book suffers from several significant drawbacks. Readers looking for a rigorous treatment of commodity-market mechanics or a sustained engagement with the established literature are likely to come away disappointed. Irwin’s childhood anecdotes frequently overwhelm the substantive discussion, and the analysis rarely moves beyond an introductory level. When academic research does enter the narrative, it is often Irwin’s own work or research by others that he proceeds to criticize, rather than a balanced account of the broader literature. The book is also weakened by Irwin’s persistent self-promotion. He is quick to recount his accomplishments, both personal and professional, and at times the book reads less like an intellectual history of commodity markets than an exercise in brand-building (his self-described accolades include, among many, being “the most widely followed agricultural economist in the world on social media”). The cumulative effect is grating, because Irwin is often more expansive about his own achievements than he is deferential toward the contributions of other scholars.
Another problem is his tendency to present contested empirical questions as more conclusively resolved than the underlying literature warrants. This is especially apparent in his discussion of the “Masters hypothesis” associated with hedge-fund manager Michael Masters, which is widely discussed in the book. Masters argued that the surge in long-only commodity-index investment contributed to the sharp rise in commodity prices in 2007–08. Irwin and his coauthors produced influential research finding little support for that hypothesis, and in the book he portrays the episode as a fairly decisive intellectual victory. Yet the academic literature remains more contested than the book suggests, with mixed evidence on whether index trading affects commodity prices, volatility, or broader market dynamics. Irwin’s failure to engage more seriously with that disagreement makes him seem less interested in fully reckoning with the evidence than in settling scores and dismissing critics.
Ultimately, Back to the Futures was a disappointing read. It works reasonably well as an accessible introduction to commodity futures and as a memoir of Irwin’s path from Iowa farm boy to prominent agricultural economist. But it is much less successful as a robust exploration of commodity markets. The autobiographical material crowds out deeper analysis, the literature review is selective, and the author’s self-congratulatory tone is overwhelming. Readers seeking a serious treatment of futures-market economics should look elsewhere.
Back to the Futures is, in part, a ground-level survey of the evolution of commodity markets and the economic justification for their existence. It covers the origins of futures markets, the role and scope of speculation, the process of price discovery, the use of hedging to manage risk, and the transition from open-outcry trading pits to electronic markets. At the same time, however, the book is also a memoir of Irwin’s life, beginning with his childhood on an Iowa farm and including a near-death experience involving a combine. Irwin repeatedly uses these autobiographical stories as parables for explaining how futures markets work. The writing is generally accessible, offering gentle introductions to economic concepts that should be understandable to an undergraduate audience, which appears to be the book’s intended readership.
Unfortunately, the book suffers from several significant drawbacks. Readers looking for a rigorous treatment of commodity-market mechanics or a sustained engagement with the established literature are likely to come away disappointed. Irwin’s childhood anecdotes frequently overwhelm the substantive discussion, and the analysis rarely moves beyond an introductory level. When academic research does enter the narrative, it is often Irwin’s own work or research by others that he proceeds to criticize, rather than a balanced account of the broader literature. The book is also weakened by Irwin’s persistent self-promotion. He is quick to recount his accomplishments, both personal and professional, and at times the book reads less like an intellectual history of commodity markets than an exercise in brand-building (his self-described accolades include, among many, being “the most widely followed agricultural economist in the world on social media”). The cumulative effect is grating, because Irwin is often more expansive about his own achievements than he is deferential toward the contributions of other scholars.
Another problem is his tendency to present contested empirical questions as more conclusively resolved than the underlying literature warrants. This is especially apparent in his discussion of the “Masters hypothesis” associated with hedge-fund manager Michael Masters, which is widely discussed in the book. Masters argued that the surge in long-only commodity-index investment contributed to the sharp rise in commodity prices in 2007–08. Irwin and his coauthors produced influential research finding little support for that hypothesis, and in the book he portrays the episode as a fairly decisive intellectual victory. Yet the academic literature remains more contested than the book suggests, with mixed evidence on whether index trading affects commodity prices, volatility, or broader market dynamics. Irwin’s failure to engage more seriously with that disagreement makes him seem less interested in fully reckoning with the evidence than in settling scores and dismissing critics.
Ultimately, Back to the Futures was a disappointing read. It works reasonably well as an accessible introduction to commodity futures and as a memoir of Irwin’s path from Iowa farm boy to prominent agricultural economist. But it is much less successful as a robust exploration of commodity markets. The autobiographical material crowds out deeper analysis, the literature review is selective, and the author’s self-congratulatory tone is overwhelming. Readers seeking a serious treatment of futures-market economics should look elsewhere.
February 23, 2024
Let me explain my five star rating. I know the author, Scott Irwin, personally. I went to high school with him. This book would be of interest to Farmers wanting to learn more about the futures market, commodities trading, etc. This book also is for you if you went to high school in the 70s at YJB in Jamaica, Iowa. It’s not gonna be everybody’s cup of tea. But it sure was mine! Good job, Scott. Who knew??! 🥰
July 15, 2023
A thoroughly enjoyable & educational read—I learned a lot about commodity futures, but also, having grown up in the area, I greatly appreciated the reminiscences about folks I knew (& still know) & loved.
The events tie in so well with the mystery world (to me) of futures & how the economics work—I did take economics at Iowa State but surely don’t remember enough about that class!
Great book Scott!
The events tie in so well with the mystery world (to me) of futures & how the economics work—I did take economics at Iowa State but surely don’t remember enough about that class!
Great book Scott!
January 12, 2024
This book has fun stories and great explanations! I thoroughly enjoyed reading this book and feel like my understanding of Futures is significantly better than it used to be. All of the personal anecdotes make the learning fun and tangible in this book. I’ve read many finance books that are boring and feel like they go on forever- this book is the opposite of that! I’m grateful to the authors for writing this book. I have nothing but praise for Back to the Futures!
January 8, 2024
Back to the Futures: Crashing Dirt Bikes, Chasing Cows, and Unraveling the Mystery of Commodity Futures Markets is an engaging journey through the vibrant history and intriguing practice of Futures trading, blending insight, humor, and reflection in a balanced composition. Authors Irwin and Peterson excel in demystifying the mechanics and strategies of Futures trading, intertwining humorous and poignant narratives from their early years to effectively underscore their points.
Irwin, drawing on his experiences as a farm boy and adventurer, employs tales of boldness and risk to illustrate the courage, expertise, and fortune necessary to navigate the Futures market successfully. The authors' innovative approach to elucidating complex stock terminologies and economic theories through relatable stories and anecdotes is commendable, making Back to the Futures a compelling read for both educational and leisure purposes.
The book's narrative is dynamic and impactful, with Irwin and Peterson creating a rhythmic flow that makes the content both accessible and emotionally resonant. While Back to the Futures stands out as an informative and entertaining resource, I feel it occasionally adopts a more narrative-driven approach at the expense of in-depth terminological clarity. This choice, particularly given Irwin's expertise in agricultural economics, seems to prioritize readability and engagement. I believe that including a detailed glossary or appendix could further enrich the reader's understanding and appreciation, complementing the book's already strong narrative with essential academic rigor.
Back to the Futures imparts a sense of joy, enlightenment, and a deeper comprehension of the Futures market and the art of speculation. The book challenges the negative connotations associated with speculation, leaving readers with a newfound understanding and anticipation for a second reading. Its unique blend of personal anecdotes with complex financial concepts makes it a notable contribution to its field.
Irwin, drawing on his experiences as a farm boy and adventurer, employs tales of boldness and risk to illustrate the courage, expertise, and fortune necessary to navigate the Futures market successfully. The authors' innovative approach to elucidating complex stock terminologies and economic theories through relatable stories and anecdotes is commendable, making Back to the Futures a compelling read for both educational and leisure purposes.
The book's narrative is dynamic and impactful, with Irwin and Peterson creating a rhythmic flow that makes the content both accessible and emotionally resonant. While Back to the Futures stands out as an informative and entertaining resource, I feel it occasionally adopts a more narrative-driven approach at the expense of in-depth terminological clarity. This choice, particularly given Irwin's expertise in agricultural economics, seems to prioritize readability and engagement. I believe that including a detailed glossary or appendix could further enrich the reader's understanding and appreciation, complementing the book's already strong narrative with essential academic rigor.
Back to the Futures imparts a sense of joy, enlightenment, and a deeper comprehension of the Futures market and the art of speculation. The book challenges the negative connotations associated with speculation, leaving readers with a newfound understanding and anticipation for a second reading. Its unique blend of personal anecdotes with complex financial concepts makes it a notable contribution to its field.
April 26, 2026
Back to the Futures: Crashing Dirt Bikes, Chasing Cows, and Unraveling the Mystery of Commodity Futures Markets by Scott Irwin (with Doug Peterson) is an engaging blend of memoir and financial education that demystifies the complex world of commodity futures markets.
Rather than relying on dense theory, the book uses storytelling to explain how futures markets function, including the roles of speculators, price discovery, regulatory evolution, and the shift from open outcry to electronic trading. It also incorporates real-world perspectives from major industry figures such as Terry Duffy and Leo Melamed, adding depth and credibility to the narrative.
A key strength is its accessibility. The author’s personal journey from a farm background to becoming a leading agricultural economist helps ground complex market concepts in relatable experience, making the subject approachable even for readers without formal economics training.
This book is best suited for readers interested in commodities, trading, agricultural economics, and anyone looking for a practical, story driven introduction to futures markets.
Rather than relying on dense theory, the book uses storytelling to explain how futures markets function, including the roles of speculators, price discovery, regulatory evolution, and the shift from open outcry to electronic trading. It also incorporates real-world perspectives from major industry figures such as Terry Duffy and Leo Melamed, adding depth and credibility to the narrative.
A key strength is its accessibility. The author’s personal journey from a farm background to becoming a leading agricultural economist helps ground complex market concepts in relatable experience, making the subject approachable even for readers without formal economics training.
This book is best suited for readers interested in commodities, trading, agricultural economics, and anyone looking for a practical, story driven introduction to futures markets.
October 6, 2023
Irwin, a University of Illinois Ag Economics professor tells stories to explain how the futures market works. Each chapter kicks off with a personal story, mostly of crazy things he did as a child or college student, which he uses to introduce a concept in the world of futures trading.
I related to this book because of my personally similar childhood and the fact that I count co-author Doug Peterson as a friend. But being one among the vast majority of people who have never understood futures markets to be anything other than legal gambling, this book was enlightening. Not saying I'm going to start buying futures, but at least I have an appreciation of why they exist and what good they do.
It's remarkable that Irwin lived to become an adult, let alone an internationally recognized expert in his field.
I related to this book because of my personally similar childhood and the fact that I count co-author Doug Peterson as a friend. But being one among the vast majority of people who have never understood futures markets to be anything other than legal gambling, this book was enlightening. Not saying I'm going to start buying futures, but at least I have an appreciation of why they exist and what good they do.
It's remarkable that Irwin lived to become an adult, let alone an internationally recognized expert in his field.
January 19, 2024
How could a crash of a dirt bike be connected with the futures market? Scott Irwin knows both firsthand and his co-author Doug Peterson assisted in connecting both disparate concepts into a delightful fast read. Each of the 21 chapters begins with Irwin's shenanigans as a farm boy, with the reader wondering how it did not end in a fatality! Good thing it didn't or logical explanations of how the futures market developed would remain arcane to nearly everyone. Long live Scott Irwin and his best Iowa farm friend Jack Hunter. I can't wait for the sequel! Will it be "The Futures and Beyond!"?
March 21, 2024
As others have expressed, didn't think I'd find myself reading a book on agricultural futures markets, but am glad I now have. Knowing Scott personally, we've spent some time together sitting on bleachers watching our children play sports, gave me the impetus to delve into Back To The Futures.
Scott's stories of the crazy antics of his youth on the farm, into his college days and beyond, were highly entertaining and woven relevantly into the more scholarly parts of each chapter. Kudos to co-author Doug Peterson for that seamless blending process as described in the author's notes.
Back To The Futures was a fun read and I learned some things too!
Scott's stories of the crazy antics of his youth on the farm, into his college days and beyond, were highly entertaining and woven relevantly into the more scholarly parts of each chapter. Kudos to co-author Doug Peterson for that seamless blending process as described in the author's notes.
Back To The Futures was a fun read and I learned some things too!
February 13, 2024
I really thought that I would like this book. It's a subject that I know nothing about, but has always interested me. Unfortunately, I was lost. The background stories were interesting, kind of reminded me of Michael Perry's stories of growing up on a farm. But when it came to understanding the mechanics of futures trading, I just could not follow. Absolutely more of a reflection of me, and not of the author's abilities. I guess at the young age of 64, I will not become a wealthy futures trader!
December 15, 2025
I took a class with Professor Irwin and it was truly incredible. I reached out to him after class and he was generous enough to lend me a copy of his book. This has been one of the most interesting books I have read thus far, and I love how he breaks down complex topics into rather simple explanations. It's been a joy to read all of his anecdotes. 10/10 hands down.
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March 9, 2025Good book about commodities and history of hedging.
Displaying 1 - 14 of 14 reviews