Chicago Board of Trade (CBOT) is the most representative and largest agricultural product exchange in the world. The futures prices of corn, soybean, wheat and other varieties of CBOT have not only become an important reference price for American agricultural production, but also become an authoritative price in international agricultural trade.
1848, Chicago Board of Trade was established by 82 grain traders. 1865 forward contract was replaced by standard futures contract, and the deposit system was implemented.