this is the way most bordeaux futures work

you buy a future from a local wine store.

the wine store buys a future from a futures broker in the usa

the futures broker in the usa buys futures from a broker in france who has purchased them from a number of wineries in france.

the winery has sold the futures, and may hold back half the wine for later release.

there are many weak links in this chain, and it has broken more than once. the futures broker in usa can fail or just disappear. that has happened.

the french broker may fail or go broke. there is considerable threat of the go broke this year, as the prices for the 2006 went up, and the brokers are stuck with the futures. the wineries are demanding even higher prices for the 2007, and there is much confusion as to what to do.

if you want to buy futures, buy california cab futures. that's a pretty straightforeward transaction.