As an analyst at an investment management firm, you are tasked with evaluating the potential benefits and risks of including commodity futures in a diversified investment portfolio. Your firm's clients are interested in understanding how commodity futures can serve as a hedge against inflation and contribute to overall portfolio performance.

Please discuss the characteristics of commodity futures that make them unique compared to other asset classes, the role of market expectations in pricing these futures, and the implications of backwardation and contango on investment returns. Additionally, provide a detailed analysis of the potential risks associated with investing in commodity futures and suggest strategies to mitigate these risks.