I am continuing on with my series on reading the minor prophets. See my cheat sheet for the minor prophets, Intro to Hosea and Hosea 1. My recommended way to use this guide is to go read Hosea 2, come back here look through the post, then basically read them side by side, reading through the verse and checking here if there is something you find confusing. Note I am using the Chapter breaks that take what is verse 2:1-2 in some versions and makes it verses 1:10-11. 

Chapter 2
2. Rebuke your mother, for she has lost the right to be called wife and mother. This chapter starts of with the voice of an ‘aggrieved husband and father, speaking as plaintiff before the court at first addressing his children’ – WBC.

5. The other lovers are Baal. This continues the marriage/covenant metaphor, so Israel becomes unfaithful to Yahweh.

7. Though she seeks others, she does not find and does not get what she wants. Therefore, she decided to return (the Hebrew word implies repentance) to her original lover, the to whom she has been unfaithful.

9-13. Retribution comes, the punishment for apostasy. Israel worshiped Baal, believing their agricultural blessing came from him. The used the bounty and gold/silver that Yahweh blessed them with as offerings to him. They did not know that it was Yahweh all along. So he will take from them. He will take back the blessings. Not only that, he will curse/destroy their vineyards and fig trees. They will be exposed (no longer protected) and no one will rescue them.

14-15. In a twist, Yahweh decides he will seduce(romance) her. The valley has the meaning of punishment. Instead, He will make it a place of hope. The metaphor in these verses is that the will be as new loves, after God had brought out of Egypt and into the wilderness. They loved Yahweh, and worshiped him only.

16-21. The day of the Lord, this alludes to the future day of the Victory of Yahweh and the restoration of Israel. The will once again ‘call on the name of the Lord’. The will no longer look to Baal. There will be new covenant in that day. There will eventually be no more war or danger and the people shall rest at ease.

22-23. They will again be provided for with crops and bounty – wine and grains. Jezreel will not have the punishment connotation but will mean it’s true (Hebrew) meaning, Yahweh sows. He will restore the land to Israel. As they call on Yahweh as Lord, they will be blessed and will be His People. Therefor, ‘No Mercy’ and ‘Not My People’ will be destroyed and removed – as in they will not longer exist, because now, they He will say ‘You are my people’ and they will say ‘You are out God.’

Commentaries
Hosea, Joel: An Exegetical and Theological Exposition of Holy Scripture (The New American Commentary)
The Minor Prophets: Hosea-Jonah (Expositional Commentary) (Volume 1)
Hosea (Tyndale Old Testament Commentaries)
Hosea-Jonah, Volume 31 (Word Biblical Commentary)