Expanded use of futures and options markets by farmers can partly substitute for price support and deficiency payment programs in protecting farmers' incomes. Farmers can broaden their pricing alternatives and partly protect themselves against price declines within the year, but they can gain little interyear income stability by using futures, options, or cash forward contracts. Government programs to expand farmers' use of such contracts generally would not raise or stabilize market prices or farmers' incomes unless Government subsidies were involved. Such subsidies would be difficult to administer and offer few advantages over conventional loan and deficiency payment programs.