While you are correct on the bottom line issue.  Understanding  Risk Management as it applies to the actual producer of the product that has real investments to protect for his operation is the reason to be hung up.  Playing the board can be an addiction very easy.  Lots of difference between speculator and a producer hedging and easy to confuse and forget.  Personally the only reason to use paper is Risk Management.  Allows production side to do what it is suppose to do.