Basis risk refers to the risk caused by the discrepancy between spot and futures prices, which investors often overlook. Farmers may face basis risk when hedging through futures and suffer losses simultaneously. Hedgers find it difficult to achieve complete risk hedging, while speculators profit from price differentials. Advances in financial technology have made basis risk management more precise, and institutional investors need to effectively control basis risk to ensure stable cash flow. In summary, basis risk cannot be completely eliminated, and market participants must respond flexibly and improve their management capabilities.