If both parties make physical delivery when the futures contract expires and do not cash back, then Party A will buy wheat at the opening price of 1.900 yuan/ton; B Selling wheat at the opening price of 2 100 yuan/ton, deducting the delivery cost of 60 yuan/ton, the actual selling price is 2040 yuan/ton. By comparison, it can be seen that the actual purchase cost of A's cash in transit operation is 1.86 yuan/ton, which is lower than the physical delivery cost 1.90 yuan/ton by 40 yuan/ton; The actual selling price of the second-phase cash-out operation is 2060 yuan/ton, which is higher than the actual selling price of 2040 yuan/ton of physical delivery by 20 yuan/ton. Through the installment transaction, Party A spends less 40 yuan/ton and Party B sells more 20 yuan/ton, and the total income brought by installment payment to both parties is 60 yuan/ton.
Matters needing attention in current operation: the period of standard warehouse receipt should consider the interest and storage cost saved by early delivery of warehouse receipt, and the period of goods other than standard warehouse receipt should consider the delivery cost, storage cost, interest saved and the price difference of goods. Buyers and sellers should first look at the spot and determine the price difference between the delivered goods and the standard level of futures delivery. The difference between the agreed closing price and the delivery price is generally less than the sum of the above-mentioned savings, so cash transfer is beneficial to both parties.