Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.

China futures will have a big gap between the last contract and the day when the current contract is replaced?

A: Because domestic contracts are linked every other year. For example, after the delivery of soybean 0905, the next K market is 1 105. However, the K-line diagram before the listing of the current 1005 contract corresponds to the 0805 contract.

Why not futures in the United States?

A: Because American soybean futures are not linked every other year. In 2009, after the 1 1 month contract was delivered, the10/month contract was listed. So there will be no gap.