1. The contract price, which belongs to the futures scope, is the closing price of the last day, that is, the contract price. For example, a contract is 1 month, and the closing price on the end date is the contract price.
Second, the futures price is the futures contract price, which is the same thing. The so-called futures are futures standardized contracts, and the corresponding futures are spot, which is the subject matter you mentioned. If the contract price of soybean 1005 on September 25th is 3,700 tons, this sentence means that the soybean contract delivered to 10 after the closing on September 25th is 3,700 tons.
Third, if it is only speculative trading, it is a futures contract. If it is hedging and physical delivery, it is soybean. Futures contracts and subject matter are the same. Buying a contract is equivalent to buying the subject matter. You want the theme, you send it. If not, close the position before delivery. Speculators are not allowed to make physical delivery, and speculative transactions in the market are far greater than physical delivery. The futures market is set up to avoid long-term risks and find prices. In fact, the number of subject matter traded in futures exchanges is very small.
Four, the delivery of the subject matter must be on the delivery date, and the subject matter can be bought and sold on the delivery date. Prior to this, it was a standardized contract for the sale of the subject matter. A deposit is required before the delivery date, which generally fluctuates around 10%.
It should be understood that buying and selling futures is actually a standardized futures contract, and futures and spot are corresponding. A standardized contract is a contract for the sale of goods. The exchange stipulates the trading rules, commodity standards and delivery time, but it can be bought and sold only by paying a small amount of margin. Therefore, futures trading has leverage, which can enlarge funds and improve the efficiency of the use of funds.