Futures markets trade futures contracts, which specify that the underlying index, currency, or commodity will be bought or sold for a specific price on a specific date in the future (known as the expiration date). Very much like stock options.
Day traders will trade futures contracts to make a profit on the difference between the buying price and the selling price, rather than to ever actually own the underlying commodity. Even so, day traders need to know when the current futures contract will expire, so that they can make sure that they do not have any open positions at that time.
Futures contracts are traded by both day traders and longer term traders, but also by non traders with an interest in the underlying commodity.
For example, a grain farmer might sell a futures contract to guarantee that he receives a certain price for his grain, or a livestock farmer might by a futures contract to guarantee that he can buy his winter feed supply at a certain price. Either way, both the buyer and the seller of a futures contract are obligated to fulfill the contract requirements at the end of the contract term. Day traders are not so concerned about these obligations because they do not keep the futures contract until it expires.
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