A futures market is a centralized exchange or trading platform where standardized contracts, known as futures contracts, are bought and sold for future delivery of commodities, financial instruments, or other assets at predetermined prices and dates. Futures contracts specify the quantity, quality, delivery location, and settlement terms of the underlying asset, allowing participants to hedge against or speculate on price movements and manage risk exposure. Futures markets facilitate price discovery, liquidity provision, and risk transfer for a wide range of commodities and financial products, including agricultural commodities, energy products, currencies, interest rates, and stock indices. Participants in futures markets include hedgers, speculators, arbitrageurs, and institutional investors, who use futures contracts for various purposes, such as risk management, portfolio diversification, and investment strategies. Futures markets operate through organized exchanges, such as the Chicago Mercantile Exchange (CME), and are subject to regulatory oversight to ensure fair and orderly trading.