Why didn't the lack of competition result in higher prices before COVID? I don't know, but it seems like farmers negotiate contracts in advance, so if futures

Why didn't the lack of competition result in higher prices before COVID? I don't know, but it seems like farmers negotiate contracts in advance, so if futures prices are driven up by speculators using easy money then there will be a period of time where farmers are selling for less than they otherwise could because they negotiated futures contracts. Isn't the whole point of the futures market to provide farmers with stable prices, not optimal prices?