n.
Commercial contracts calling for the purchase or sale of specified quantities of a good at specified future dates.
The good in question may be grain, livestock, precious metals, or financial instruments such as treasury bills . Up until the time the contract calls for the delivery of the good, the contract is subject to speculation. Futures contracts originated in the trade in agricultural commodities; for example, American grain farmers were able to sell their harvest in advance on the Chicago Board of Trade , a commodity exchange .