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The smallest unit of futures trading? Is it equal to a 100 contract like a stock?
The smallest unit of futures trading is "hand". But the specific quantity of each hand is different for different commodities.

For example, Dalian Commodity Exchange stipulates that the trading unit of soybean futures contract is 10 ton. That is to say, when you buy and sell soybean futures contracts on Dalian Commodity Exchange, you should start with 10 ton, which is 1 lot as far as the futures market is concerned, and it is the smallest trading unit.

Futures trading is the activity or behavior of buying and selling futures contracts. Pay attention to the difference. Futures delivery is another concept. Futures delivery is the exchange activity or behavior of the subject matter (basic assets) stipulated in the futures contract on the maturity date.