"Wouldn't the 1:1 ratio show the TRUE value of commodities??"
If you apply this the oil markets, the only people with the capacity to sell at a 1:1 ratio would be the producers, Big Oil if you will (Exxon, Shell, OPEC etc).
They could effectively set their offer and wait for the market to meet them as the buyers have no other choice.
Secondly, if you are a buyer and have possession of a commodity already to meet the 1:1 ratio, why would you need the futures market, you have no risk to hedge as you already have the underlying?
