[MRM]

Yes, you are missing something. The futures market allows buyers and producers of the product or raw material to manage their risk. For instance, a farmer can get seed money for spring planting by selling futures on his crop. General Mills can assure itself a steady supply of wheat at a known price by buying grain futures. Manufacturing companies who need large amounts of oil can budget around a known cost and ensure supply buy buying futures. Most multinationals also buy and sell currencies to hedge against increases or decreases in the local currency vis a vis the Dollar.

If producers or consumers of comodities were held to selling only at the time of production or consumption they would be at the mercy of the days' spot prices, and would be open to supply, demand and pricing shocks.