For example, a fruit farmer planted a large area of apples. Of course, selling them after the harvest is the best way. Urban residents have a demand for apples, but they can't go deep into rural fields to buy apples. At this time, the middleman ~ Apple dealer appeared. He doesn't produce apples and doesn't have much demand for apples, but he sees the profit space of apples from rural areas to cities. When the price of buying apples is lower than the selling price, apple dealers are profitable. When the purchase price is higher than the selling price, the dealer loses money. So doing anything, especially commercial trade, is risky. The problem is how to control the risk. ...

Therefore, many people in the market, who take futures warehouse receipts, are not hedging for upstream production enterprises, nor for downstream consumer demand. They only exist for the price difference. Without this group of people in the market, it will be difficult for both parties to complete the transaction smoothly, but when the price difference is reasonable and there are enough middlemen, an effective communication bridge will be formed between buyers and sellers. This creates a handling fee to support brokers and exchanges. The advantage is that it plays a role in communicating with the society, but it is not helpful to increase the total social welfare. Personally, I don't know if it will help you. For reference only.