I'am newb in the futures world coming from forex. There is one thing i don't understand concerning the futures trading. THE QUOTED PRICE!!! (sorry to be to newb). Is there a bid and ask ? If it is the case is this quote is the underlying, or the contract itself. I mean with options you have the strike price and your trade the option value; There is a second thing i don't understand: you close your position by selling back if you were long. For me it means you are in the obligation to sell live cattle at the limit date. I mean you're always in the market. No? If one could explain, these things are to obvious that no document explain them.