Futures contracts obligate a participant to buy or sell the commodity at the contracted price unless the contract is cancelled or liquidated before the expiration date.

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Futures contracts are legal agreements to buy or sell a particular commodity asset, or security at a predetermined price at a specified time in the future, obligating the buyer to purchase and the seller to sell, unless the contract is closed out or liquidated prior to expiration.

Futures Contracts Obligate a Participant to Buy or Sell the Commodity