First futures, in their basic form they could be called a bet. More specifically they do not present ownership in anything, this is unlike stocks and bonds. Futures come in 3month, 6month, and 1 year bets. All futures are do for trade on the 3rd Friday of the month. Now future options are simply the option to either buy the future or pass it up.
Futures options are another way for a producer to hedge their corn.
This can occur when the producer buys futures for their product. They purchase the futures as well as options to put at the same type. Therefore if the futures fall in price the option to put will rise in conjunction thus evening out his lose. Well, here's the next step. Futures options are the sales unit based on the item being optioned.