Futures markets are platforms where participants can buy and sell contracts to purchase or sell assets at a predetermined price on a specific future date. These assets can include commodities like oil, corn, or gold, as well as financial instruments like currencies and stock indices. Futures contracts help manage price risk and allow traders to speculate on price movements. In these markets, buyers and sellers agree on the terms of the contract, which is standardized and traded on exchanges such as the Chicago Mercantile Exchange. Futures markets play a crucial role in price discovery and provide liquidity, enabling participants to enter and exit positions efficiently.