Generally, the longest is one year. Because the delivery time of futures is generally one month, three months and one year, futures are based on a one-year cycle. Not all futures contracts have a duration of one year, while sugar futures have a duration of two years, and the contract delivery months are 1, 3, 5, 7, 9, 1 1.

Futures are traded by contract, such as corn, which is divided into15015031505150715091etc. 15 is the year, and the last two digits are the month. 150 1 is a contract for delivery in June 20 15. 1May 150 1 delisting, postponed to next year 160 1 or 170 1 contract. And so on.

Futures is different from spot, which is actually a tradable commodity (commodity). Futures are mainly not commodities, but standardized tradable contracts based on some popular products such as cotton, soybeans and oil and financial assets such as stocks and bonds. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.