In 1993 there was an attempt to develop a futures market for beef cattle in Uruguay. The experience did not fulfill the expectations created around this market and after six months of trading, it closed its activities. The possible reasons that inhibited its development were examined in this paper. It is possible that all the necessary conditions for success can not be given at this moment. Perhaps the low volume traded in the futures market was derived from structural conditions that are inherent in small economies. Maybe there was a failure in creating the minimal conditions that could attract enough hedgers and speculators capable of supporting the market. Determining why the experience failed would be very to understand the underlying mechanisms of this instrument, in a country with a small economy and without any tradition in its use.