A futures contract is a type of derivative or financial contract in which two parties agree to make a certain transaction on a specified future date at a specified current price. A futures contract does not give you ownership of a commodity or product. You are purely entering into a contract to purchase or sell the underlying products on a future date at a certain price specified in the contract. This is all what I Know about Futures Contract, if someone has more information to share, please free to share with me

You'll want to understand the leverage involved.