The article explores how different trading strategies with commodity futures can affect profits and risks. It looks at oil, gold, copper, and soybeans futures markets to see if predicting term premiums can lead to higher profits. The study finds that oil and soybean futures can predict spot premiums. By using winner and loser portfolios based on spot and term premiums, significant profits can be made in both outright futures and spread trading strategies. Spread trading tends to outperform outright futures trading in capturing term structure and hedging pressure risks. Long-short trading the long-term spread offers the best returns and is the only strategy that consistently makes profits based on past hedging pressure.