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but they standardized delivery dates and delivery locations.
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What would you trade in these futures markets?
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You would be trading--
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you'd either be buying or selling rice for future delivery
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on a standardized delivery date at a standardized location--
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probably one of the warehouses that they designate.
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That might not be the rice you want or the date you want and yet,
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somehow the market gets going and gets very big.
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This is the reason:
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what a futures market does
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that's different from a warehouse market is
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it sets up a standard price and a liquid market.