The daily limit of the futures market is based on the settlement price of the previous trading day, and the daily limit of different varieties is different. For example, the daily limit of wheat, copper, aluminum and natural rubber is 3 points, that of cotton, soybean and corn is 4 points, and that of fuel oil is 5 points. The daily limit of commodity futures is generally 3%, 4% and 5%, the daily limit of stock index futures is 10%, and the daily limit of treasury bonds futures is 2%.

Futures market first appeared in Europe. As early as ancient Greece and Rome, there were central trading places, bulk barter transactions, and trading activities with the nature of futures trade. The original futures trading was developed from spot forward trading. The first modern futures exchange was established in Chicago, USA in 1848, and the standard contract model here was established in 1865.

In 1990s, China Modern Futures Exchange came into being. There are four futures exchanges in China, namely Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange. The price changes of its listed futures have a far-reaching impact on related industries at home and abroad.

The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the timely delivery and payment of goods. So the Royal Exchange, the world's first commodity forward contract exchange, opened in London on 157 1.

In order to adapt to the continuous development of commodity economy, improve transportation and storage conditions and provide information for members, 1848, 82 businessmen initiated and organized the Chicago Board of Trade (Board 185 1 Chicago Board of Trade to launch forward contracts; 1865, Chicago Grain Exchange introduced a standardized agreement called "futures contract" to replace the previous long-term contract.

This standardized contract allows manual contract trading, and gradually improves the margin system, thus forming a futures market specializing in standardized contract trading, and futures become investors' investment and financial management tools. 1882, the exchange allows hedging to be exempted from performance responsibility, which increases the liquidity of futures trading.

The background of China futures market is the reform of grain circulation system. With the cancellation of the policy of unified purchase and marketing of agricultural products and the liberalization of most agricultural products prices, the market is playing an increasingly important role in regulating the production, circulation and consumption of agricultural products. The ups and downs of agricultural products prices, the undisclosed and distorted spot prices, the ups and downs of agricultural production, and the lack of value-preserving mechanism of grain enterprises have attracted the attention of leaders and scholars.