prices of what those goods would be in the future so speculators made and lost money by selling each other legally binding forecasts of how much grain prices would rise or fall
Before this lecture, I had only heard of trading futures for food such as gourds or pumpkins used as jokes. For example Homer from the Simpsons investing in pumpkin futures or that individual from wsb investing a large amount of money into gourd futures. So seeing where these futures came from was really interesting. I also found it interesting how similar this was to options trading