The reason why the price difference between forward futures and recent futures is very large is that the price difference between forward futures and recent futures is very large.

The difference lies in the value of time.

Now 1 yuan is different from 1 yuan after 1 year. The current dollar value is greater than 1 yuan after 1 yuan, because 1 yuan can generate interest every year.

Similarly, for futures, futures have time value. Suppose there is 1 ton cotton futures, one in the near future and the other in the long term. Assuming that the prices of two futures are the same, investors can sell short-term futures, buy forward futures, convert them into cash, and then borrow money to earn interest income, so that there can be risk-free arbitrage, which will inevitably lead to the rise of forward futures prices and eliminate the arbitrage interval.

Therefore, the price of forward futures is usually higher than that of recent futures.

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