The main contract is not constant, it will move forward with time, and the month of the main contract will also move forward, that is, the speculative forces inside are changing contracts.
Commodity futures contracts stipulate the physical delivery month, and generally stipulate several delivery months, which are chosen by traders themselves.
For example, the delivery months stipulated by the Chicago Board of Trade for wheat futures contracts are July, September, 65438+February, March and May of the following year. Traders can choose their own trading month to trade.
If traders buy contracts in July, they will either close their positions before July or make physical delivery in July.
Extended data:
Influencing factors of futures contracts:
The futures market trades standardized contracts, and the innovation of futures varieties is based on standardized contracts, and the innovation of futures varieties can only be realized through successful contract design.
The process of variety innovation is the process of selecting innovative goods and contract design. Futures contracts largely inherit the relevant characteristics of their original commodities, that is, "commodity characteristics". Commodity characteristics mainly explain various factors that affect the success of futures trading of related commodities from their natural attributes and spot markets.
These factors mainly come from the spot market of commodities; At the same time, the futures contract will also be influenced by various factors of the contract design itself, that is, "contract characteristics". The contract characteristics analyze the influencing factors of the success of futures contracts from the basic principles of futures trading.
These factors mainly come from the contract and system design of futures trading process. Commodity characteristics and contract characteristics together give a complete description of the factors that affect the success of futures contracts.
Baidu Encyclopedia-Futures Contract