(1) Transaction quantity and unit terms. The futures contract of each commodity stipulates a unified and standardized quantity and unit of quantity, which are collectively called "trading units". For example, the Chicago Board of Trade stipulates that the trading unit of wheat futures contracts is 5000 bushels (about 27.24 kilograms of wheat per bushel), and each wheat futures contract is the same. If traders buy wheat futures contracts on the exchange, it means that they need to buy 5000 bushels of wheat on the contract expiration date.
(2) Quality and grade terms. Commodity futures contracts stipulate unified and standardized quality grades, and generally adopt internationally recognized commodity quality grade standards. For example, because China's soybeans account for a relatively large proportion in international trade, Nagoya Grain Exchange takes our domestic soybeans as the standard of soybean quality grade.
(3) Terms of delivery place. Futures contracts specify a standardized and unified delivery warehouse for the physical delivery of futures transactions to ensure the normal delivery of physical objects.
(4) delivery terms. 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 the transaction buys a contract in July, or the transaction is completed before July, then the physical delivery will be carried out in July.
(5) the lowest price change clause. Refers to the minimum allowable range of quotation changes between buyers and sellers in futures trading, and the price change at each quotation must be an integer multiple of this lowest price.
(6) Maximum daily price fluctuation restriction clause. It refers to a certain interval in which the transaction price of a futures contract on a certain trading day cannot be higher or lower than the settlement price of the previous trading day of the contract, and the trading of the contract will be suspended when the interval is reached. For example, the maximum daily price fluctuation of a wheat contract on the Chicago Board of Trade is 20 cents per bushel ($65,438+0,000 per contract).
(7) Payment on the last trading day. Refers to the deadline for futures contracts to stop trading. Every futures contract has certain restrictions. On a certain day in the contract month, the trading of the contract will be stopped and the physical delivery will be prepared. For example, the Chicago Board of Trade stipulates that the last trading day of corn, soybean, soybean meal, soybean oil and wheat futures is the seventh trading day from the last trading day of the delivery month. In addition, futures contracts also include terms such as delivery method, liability for breach of contract, and liquidated damages for breach of contract.