Your understanding of futures is not very accurate! You are talking about the futures hedging function! What you described at the beginning is correct. If you choose to end this hedging plan when the spot is in 3 yuan/kg and the futures is in 3.5 yuan/kg, then your futures market will earn 1.5 yuan/kg, while the spot market will lose 2 yuan/kg. Under normal circumstances will be thin 0.5 yuan/kg! Whether hedging can completely reach 100% hedging depends entirely on the change of basis. In the case you mentioned, you sold the hedging, and as a result, when you are about to complete the hedging plan, the basis is weakened (from 0 to -0.5), so you can't achieve the function of 100% hedging, and you can only achieve partial hedging!

Second question: If you choose delivery, then the buyer will buy the soybean in your hand at the price of 5 yuan/Jin instead of 3 yuan/Jin. If it is 3 yuan/kg, then you are not equal to no hedging! But in general, the futures price is higher than the spot price, because the futures price also includes storage cost, delivery cost and transportation cost. Therefore, in many cases, spot merchants are unwilling to perform the contract through delivery, unless there is a forced position! Mainly because the delivery is too troublesome, most spot businesses have their own logistics channels!

The third question: only legal person households can make physical delivery, speculators can't make delivery, they can only hedge and be exempted from performance responsibility. If they don't close their positions on the last trading day stipulated by the exchange, the exchange will force them to close their positions! I can't help it You asked a lot of questions, and the answers were complicated. I can only say it briefly.