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A futures contract is a contract setting the price and date for a commodity purchase.

Q: What statement best explains what a futures contract is?

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A futures contract is a contract setting the price and date for a commodity purchase.

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You purchase a futures contract by first opening a futures trading account, which is a margin account, with a futures broker. Once that is done, simply choose the specific futures contract you wish to buy and then pay its "Initial Margin", which is a deposit needed to start a futures trade.

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there are two types that are part of the commodity futures market. A normal futures market is one where the price of the nearby contract is less than the price of the distant futures contract. The other is an inverted futures market, the price of the near contract is greater then the price of the distant contract.

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A wheat futures contract covers 5000 bushels of whatever wheat (there are different kinds) is specified in the contract.

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there are two types that are part of the commodity futures market. A normal futures market is one where the price of the nearby contract is less than the price of the distant futures contract. The other is an inverted futures market, the price of the near contract is greater then the price of the distant contract.

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