Whose money is the physical object of futures delivery?
Natural person accounts are not allowed to be delivered, only legal person accounts can, so when the delivery month approaches, retail investors are basically withdrawn. Some legal persons are ready to deliver. For example, the feed company, the soybean meal bought two months ago is cheap, and the delivery is naturally favorable, so it will buy in kind. There are also some non-industry institutions that will also make delivery in order to forcibly open positions. As to whether to wait until the end, different people have different opinions. If you think the price will go up, you will buy it first, and if the price will fall, you will buy it last.