An odd observation, but provocative. I used to work for Quaker Oats. Some years (and those mostly early on) the company did currency hedges, and some years it didn't. There was a policy against the use of exchange-traded options and futures to hedge grain prices. It seems to be an article of faith in today's business world that you only hedge exposures comparable to the entire business.
What are you talking about?....the futures market is an entirely different thing.A forward contract to lock in the US dollar cost of a future transaction to be settled in a foreign currency amount is perfectly acceptable.
just in case i'm misinterpreted....I'm not saying the result is any different uisng futures.I'm just saying that there is speculation in futures markets as a strategy in itself which you warn of and then there is the use of hedging instruments to minimize risk for a given future committed transaction.....very different things.