Strictly speaking, both parties to the physical delivery of futures cannot be said to be speculators. The bulls are worried about rising prices, so they buy futures sugar in advance, and the bears are worried about falling prices, so they sell futures sugar in advance.

After the delivery period, the transaction shall be conducted at the delivery price of the exchange, or at a price recognized by both parties after negotiation.

Stock index futures will automatically deliver commodity futures, and general futures companies will contact customers before the last trading day to let them close their positions.