They say that - “Notice how the risk premium on the asset does not directly appear in the pricing relationship. It does appear implicitly, because it determines the spot price paid to buy the asset. Knowing the spot price, however, eliminates the necessity of determining the risk premium. The derivatives market can simply let the spot market derive the risk premium.” with the formula below:
F 0( T ) = S0(1 + r)T
however - in reality/current market, 1yr forwards/futures move around day to day despite the spot market and interest rates not moving. what accounts for this move in the forward price?