The study looked at how trading activities in Chinese agricultural commodity futures markets affect price volatility. They used a model that considers risk, return, and information impacts from both spot and futures markets. The results showed that trading activities in futures markets increase volatility, with different impacts on soybean, corn, soy meal, and wheat markets. Market depth helps reduce volatility, and information from spot markets affects futures market volatility asymmetrically. Additionally, leverage effects were found in futures market volatility due to impacts from futures markets.