Final answer:
The speculative derivative strategy is when a company buys a coffee futures contract for September delivery.
Step-by-step explanation:
The speculative derivative strategy from the given options is option A: Starbright Coffee Chain buying a coffee futures contract for September delivery. This is considered a speculative strategy because it involves taking a position in a financial derivative (coffee futures contract) based on the expectation of future price movements.
Among these options, the one that can be considered speculative depends on the intent of the buyer or seller. Generally, if an entity is buying or selling a derivative, like a futures contract, not to hedge against risks inherent to their business but rather to profit from market movements, it is considered a speculative strategy. In this context, because the coffee chain is likely buying futures to secure a known price for their product, and the farmer is likely selling futures to lock in a sale price for their crops, those scenarios don't appear speculative. However, without the completion of option (c), it is not possible to definitively state that the portfolio manager's actions are speculative. As such, we cannot confidently identify which is a speculative derivative strategy from the given options.