Speaking of contracts, people naturally think that contracts are just a piece of paper with numbers printed on it. It is true that futures contracts do involve a lot of documents and paperwork, but futures contracts are not a piece of paper. A futures contract is a legally binding agreement reached through a futures exchange, that is, a contract to buy or sell a commodity in the future. Expressed in terms, a futures contract refers to a standardized contract made by a futures exchange, which promises to deliver a certain quantity and quality of physical or financial goods at a specific time and place in the future. The standardized terms of futures contracts generally include: (1) the terms of transaction quantity and unit. The futures contract of each commodity stipulates a unified and standardized quantity and unit of quantity, which are collectively called "trading units". For example, Dalian Commodity Exchange stipulates that the trading unit of soybean futures contract is 10 ton. That is to say, when you buy and sell soybean futures contracts on Dalian Commodity Exchange, you should start with 10 ton, which is 1 lot as far as the futures market is concerned, and it is the smallest trading unit. You can't buy 5 tons or sell 8 tons of soybeans in the futures market. (2) Quality and grade terms. Commodity futures contracts stipulate unified and standardized quality grades, and generally adopt the commodity quality grade standards formulated by the state. For example, the soybean futures delivery standard of Dalian Commodity Exchange adopts the national standard. (3) Terms of delivery place. Futures contracts specify a standardized and unified delivery warehouse for the physical delivery of futures transactions to ensure the normal delivery of physical objects. Dalian is one of the important grain distribution centers in China, and its warehousing industry is very developed. At present, the designated delivery warehouse of Dalian Commodity Exchange is located in Dalian. (4) delivery terms. Commodity futures contracts specify the month of physical delivery. At the beginning of commodity futures trading, the first thing you notice is that each commodity has several different contracts, and each contract represents a certain month, such as 1999 1 1 soybean contract, and soybean contract in May 2000. (5) the lowest price change clause. Refers to the minimum allowable range of changes in the quotations of buyers and sellers in futures trading. The price change of each quotation must be an integer multiple of the minimum change price. The minimum change price of soybean futures contract in Dalian Commodity Exchange is 1 yuan/ton. In other words, when you buy and sell soybean futures, it is impossible to have a price of 2 188.5 yuan/ton. (6) Price restriction clauses. The transaction price of a futures contract on a certain trading day cannot be higher or lower than the settlement price of the previous trading day. For example, Dalian Commodity Exchange stipulates that the price limit of soybean futures is 3% of the settlement price of the previous trading day. (7) Terms of the last trading day. Refers to the deadline for futures contracts to stop trading. Every futures contract has a certain month limit. On a certain day in the contract month, the trading of the contract will be stopped and the physical delivery will be prepared. For example, Dalian Commodity Exchange stipulates that the last trading day of soybean futures is the tenth trading day of the contract month. Attached are two futures contracts for your reference. Soybean futures contract trading varieties of Dalian Commodity Exchange

Trading unit 10 ton/lot

Quotation unit RMB

The minimum price change is 1 yuan/ton.

The price limit is 3% of the settlement price on the last barter day.

The delivery months of the contract are 1, 3, 5, 7, 9, 1 1.

The trading time is from Monday to Friday at 9: 00 am-165438+0: 30 pm-15: 00 pm.

Last trading day The tenth trading day of the contract month.

Seventh day after the last trading day (postponed in case of legal holidays)

See the annex for the specific content of delivery grade.

Delivery place Dalian Commodity Exchange designated delivery warehouse

5% of the contract value of the trading margin

Transaction fee 4 yuan/hand

Centralized delivery by delivery method

Transaction code s

Listed exchange Dalian commodity exchange

Chicago Board of Trade (CBOT) wheat futures contract trading unit 5000 bushels.

The minimum price change is 0//4 cents per bushel/kloc ($65,438+$02.50 per contract).

The maximum daily price per bushel is not higher or lower than the settlement price of the previous trading day.

The fluctuation is limited to 20 cents ($65,438+$0,000 per contract), and the spot month is not limited.

Contract months 9, 12, 1, 3, 5, 7,

The trading time is from 9: 30 am to afternoon 1: 15 (Chicago time), and the trading deadline on the last trading day of the expired contract is noon that day.

Last trading day The seventh business day from the last business day of the delivery month.

The price difference of delivery grade No.2 soft red wheat, No.2 hard red winter wheat, No.2 black north spring wheat and No.2 north spring wheat shall be stipulated by the exchange.

http://www.cottonchina.org/futures/nyce_show.php? Table = nyce _ sch & ampid= 10