① Solve the contradiction between seasonal supply and demand during forward trading.

In 1930s and 1940s, Chicago developed into an important grain distribution center. In order to alleviate the seasonal contradiction between supply and demand of agricultural products and the sharp fluctuation of prices, the number of middlemen connecting supply and demand has increased rapidly. Middlemen's opening positions alleviates the contradiction between seasonal supply and demand of agricultural products, but they bear great price risk and the risk of poor accumulation of funds. The middlemen explored the forward trading mode. After purchasing agricultural products, they immediately went to Chicago and signed a supply contract with the processors or sellers in Chicago in the spring of the first year to determine the sales price in advance and ensure profits. The contract can also help middlemen to obtain bank loans in the form of mortgage, so as to ensure the timely supply and inventory cost of agricultural products procurement.

② Solve the information asymmetry between supply and demand one by one during the forward contract transaction.

With the expansion of the purchase and sale of agricultural products from Chicago to the United States and even Europe, the problem of information asymmetry between supply and demand needs to be solved urgently. Middlemen want to find a place where information is concentrated, so as to know the supply and demand situation and price information in time. Therefore, the Chicago Board of Trade (CBOT) was established at 1848. In the early development of CBOT, it mainly provided a place for buyers and sellers to meet, exchange information, negotiate business and reach a deal. CBOT officially launched agricultural forward contract trading on 185 1. Small forward contract transaction only eliminates the contingency and uncertainty of spot transaction to a certain extent, which helps to maintain the stability and continuity of agricultural products production and operation activities; Moreover, the risk of price fluctuation is transferred between the buyers and sellers of agricultural products to a certain extent.

③ During the standardization of futures contracts, the problem of non-standardization of agricultural forward contracts should be solved one by one.

Because the market price of agricultural forward contracts fluctuates continuously for a long time from signing to physical delivery, both buyers and sellers hope to transfer them freely to avoid price risks or seize profit opportunities. Because it is profitable, some well-funded businessmen have also begun to participate in the trading of agricultural products forward contracts. In order to overcome many difficulties caused by non-standardization of agricultural forward contracts, CBOT 1865 introduced standardized futures contracts to replace forward contracts, and then implemented the margin system, thus the truly modern agricultural futures market was born.