The wheat grain futures market is a centralized marketplace, such as the Chicago Board of Trade, where buyers and sellers enter into futures contracts for the exchange of specified quantities of a specific quality of wheat, explains Investopedia. The contract promises delivery at a set date and location.
Futures contracts only vary in the agreed-upon price per unit to be exchanged at the time the product is delivered, according to Investopedia. Contracts for the tangible commodity of grain involve seven products, of which one is wheat. Wheat futures contracts are for the delivery of 5,000 bushels of wheat and are most actively traded in the grain futures market in the months of March, May, July, September and December.