The hard wheat futures contract of Zhengzhou Commodity Exchange takes the second-class hard winter white wheat as the delivery standard, and only high-quality varieties of wheat can meet the delivery requirements. Therefore, the futures price of wheat per ton is about 200 yuan higher than that of low-quality miscellaneous wheat planted by farmers, which reflects the high quality and good price. Under the guidance of wheat futures price signal, the planting area of high-quality wheat in Henan increased from 65,438 0.5 million mu in 2000 to 25.23 million mu in 2003, accounting for 35.8% of the wheat planting area. There are 32 counties (cities) with concentrated contiguous planting of more than 300,000 mu; High-quality special wheat has rapidly expanded from the initial varieties to more than a dozen varieties such as Zhengmai 9023, Yumai 34 and Gaoyou 503. With the continuous expansion of planting area, the relative concentration of planting varieties and the rapid increase of commodity volume, the scale advantage of high-quality wheat in Henan Province has been brought into play, the comparative benefit has been improved, and farmers' income has increased.
Order-based agriculture is an effective way of agricultural production at present, which is of great significance to promoting the process of agricultural industrialization, solving the difficulty in selling agricultural products, improving the ability of agriculture to resist natural risks and market risks, increasing farmers' income and adjusting agricultural structure. However, due to the risk of agricultural product price fluctuation, the contract performance rate of contract-based agriculture is low (according to statistics, the overall contract performance rate of contract-based agriculture in rural areas in China was less than 20% in 2000), which seriously restricted the development of contract-based agriculture in quantity and scale. These problems can't be solved by the spot market alone, and the hedging operation in the futures market can well spread risks for producers and operators. Farmers and enterprises involved in hedging only need to buy (sell) a futures contract of the same commodity in the futures market, which is opposite to the spot market and has the same amount, and hedge it after a period of time, so as to fulfill the obligations of futures contracts, and finally achieve the effect of losing money in one market and making profits in another market, with roughly the same profit and loss.
For most farmers and grain enterprises, there are still some restrictive factors in using the futures market to avoid price risks. Because their general financial strength is weak, the futures market is marked to the market day by day, and the sharp fluctuation of futures prices will lead to the corresponding change of margin, thus transforming the market risk into the risk of additional margin. The pressure of additional margin has affected the enthusiasm of farmers and grain enterprises to participate in the futures market.
It is more advantageous to use options as a trading tool to avoid spot market risks, which can overcome the disadvantages of futures hedging. Because the option tool is low in cost, flexible in operation and controllable in risk, you only need to pay a small amount of option fee, and you don't need to pay a deposit. For non-professional investors such as farmers and grain management enterprises, it is an ideal choice to avoid the risk of food price fluctuation by purchasing option contracts, which can not only prevent the risk of adverse price changes, but also retain the benefits brought by favorable price changes. As the world's largest agricultural futures exchange, Chicago Board of Trade (CBOT) has launched options trading for soybeans, corn and wheat since 1982, providing traders with more forms of price protection. Since then, many spot commercial options have replaced futures for hedging transactions. Because the buyer of option trading does not need to add margin at any time after paying a small amount of royalties, it plays a role in avoiding risks. Some small-scale spot traders, farmers and enterprises who don't know much about futures trading are more willing to use agricultural product options to achieve the purpose of maintaining value.
Under the condition of market economy, the agricultural product price market has the final say. Farmers should pay attention to the changes in market supply and demand and adjust the planting structure according to market demand. Farmers should not only consider what to plant, but also how to sell it. Farmers should grasp the development trend of domestic and international market prices and make more efforts in understanding market prices and supply and demand. Only by having a clear understanding of the market supply and demand situation and making an accurate forecast can we not lose money in price and make a fortune in the adjustment of planting structure.
On June 9, 2003, Zhu, the general manager of Dalian Commodity Exchange, wrote a letter "Urgent Suggestions on Ensuring Farmers' Income Increase", in which he introduced the rising trend of soybean prices in the international and domestic markets and suggested that farmers increase their income by selling beans with reference to futures prices. This letter attracted the attention of leading comrades in Heilongjiang Province and immediately organized relevant experts to demonstrate. Through television, newspapers, websites and other media, domestic and foreign soybean spot and futures price information is transmitted to farmers in time. After farmers got the information, they quickly adjusted the soybean price. 10, the purchase price of Heilongjiang soybean per kilogram was still between -2.54 yuan in 2.5 yuan; By mid-June, 5438+ 10, the price of soybeans sold by farmers had risen to 2.8 yuan per kilogram. According to experts' calculations, if 20% of the province's 5 million tons of soybeans are sold, farmers will increase their income by 400 million yuan; If calculated according to the circulation of 4 million tons, the income of farmers can reach several billion yuan.
At present, there are only a dozen varieties listed and traded in China's futures market, and only a few varieties such as soybean, corn, wheat and cotton are actively traded. Although three exchanges in Dalian, Shanghai and Zhengzhou listed corn, fuel oil and cotton respectively in 2004, Zhengzhou Commodity Exchange and Dalian Commodity Exchange listed sugar and soybean oil futures contracts on June 6 and June 9, 2006 respectively, but this is only a "quantitative change", not a "qualitative change", and there are still too few varieties in China futures market. There are too few listed varieties, which seriously restricts the scope of the futures market. With the economic development of China, the production and processing trade of agricultural products are also developing year by year. At present, the scale of futures market and the number of trading varieties can no longer meet the growing market demand, and it is urgent to develop new varieties.
Developing agricultural products processing industry has become an important way to increase farmers' income and transfer rural surplus labor force. However, agricultural products processing enterprises are faced with greater operational risks due to large fluctuations in agricultural products prices, and the risks can be reduced through the agricultural products futures market. Through the function of transferring risks in agricultural futures market, agricultural products processing enterprises can avoid price risks through hedging transactions of agricultural products futures; Or refer to the futures price of agricultural products, buy and sell agricultural products, resolve the price fluctuation risk of agricultural products processing industry through the futures market of agricultural products, lock in operating costs and obtain stable profits. However, the agricultural futures market can play the above functions on the premise of listing related varieties. If the relevant varieties are not listed for a long time, it will inevitably restrict the development of these industries.
At present, there are only a dozen varieties listed and traded in China's futures market, and only a few varieties such as soybean, corn, wheat and cotton are actively traded. Although three exchanges in Dalian, Shanghai and Zhengzhou listed corn, fuel oil and cotton respectively in 2004, Zhengzhou Commodity Exchange and Dalian Commodity Exchange listed sugar and soybean oil futures contracts on June 6 and June 9, 2006 respectively, but this is only a "quantitative change", not a "qualitative change", and there are still too few varieties in China futures market. There are too few listed varieties, which seriously restricts the scope of the futures market. With the economic development of China, the production and processing trade of agricultural products are also developing year by year. At present, the scale of futures market and the number of trading varieties can no longer meet the growing market demand, and it is urgent to develop new varieties.
Developing agricultural products processing industry has become an important way to increase farmers' income and transfer rural surplus labor force. However, agricultural products processing enterprises are faced with greater operational risks due to large fluctuations in agricultural products prices, and the risks can be reduced through the agricultural products futures market. Through the function of transferring risks in agricultural futures market, agricultural products processing enterprises can avoid price risks through hedging transactions of agricultural products futures; Or refer to the futures price of agricultural products, buy and sell agricultural products, resolve the price fluctuation risk of agricultural products processing industry through the futures market of agricultural products, lock in operating costs and obtain stable profits. However, the agricultural futures market can play the above functions on the premise of listing related varieties. If the relevant varieties are not listed for a long time, it will inevitably restrict the development of these industries.
At present, there are only a dozen varieties listed and traded in China's futures market, and only a few varieties such as soybean, corn, wheat and cotton are actively traded. Although three exchanges in Dalian, Shanghai and Zhengzhou listed corn, fuel oil and cotton respectively in 2004, Zhengzhou Commodity Exchange and Dalian Commodity Exchange listed sugar and soybean oil futures contracts on June 6 and June 9, 2006 respectively, but this is only a "quantitative change", not a "qualitative change", and there are still too few varieties in China futures market. There are too few listed varieties, which seriously restricts the scope of the futures market. With the economic development of China, the production and processing trade of agricultural products are also developing year by year. At present, the scale of futures market and the number of trading varieties can no longer meet the growing market demand, and it is urgent to develop new varieties.
Developing agricultural products processing industry has become an important way to increase farmers' income and transfer rural surplus labor force. However, agricultural products processing enterprises are faced with greater operational risks due to large fluctuations in agricultural products prices, and the risks can be reduced through the agricultural products futures market. Through the function of transferring risks in agricultural futures market, agricultural products processing enterprises can avoid price risks through hedging transactions of agricultural products futures; Or refer to the futures price of agricultural products, buy and sell agricultural products, resolve the price fluctuation risk of agricultural products processing industry through the futures market of agricultural products, lock in operating costs and obtain stable profits. However, the agricultural futures market can play the above functions on the premise of listing related varieties. If the relevant varieties are not listed for a long time, it will inevitably restrict the development of these industries.
(1) Reform the listing mechanism of new futures varieties and gradually introduce futures contracts for bulk agricultural products.
There are too few varieties of futures market in China, which restricts the function of futures market. There are many reasons for this phenomenon, but the most important one is the listing mechanism of new varieties. At present, China adopts a non-market two-level examination and approval system. To list new products, the Exchange must first apply to the China Securities Regulatory Commission, and the China Securities Regulatory Commission will report to the State Council for approval. The State Council needs to seek the opinions of relevant ministries and commissions, spot management departments and relevant provinces, autonomous regions and municipalities, and then give instructions on approval or disapproval after comprehensive feedback from all sides. The listing place and time of futures varieties are also coordinated or arranged by the CSRC. On the whole, the listing mechanism of new varieties in China reflects the substantive requirements of the government for trading varieties, mixed with the subjective will of the government. Any policy intention can be implemented in the futures market through administrative means, which can be said to be one of the examination and approval systems with the deepest government intervention.
As a futures market veteran said: "If the China stock market bears the cross of the system, then futures bear the cross of products." It can be seen that the distortion and imperfection of the development mechanism of new futures varieties has become a bottleneck restricting the development of the futures industry. Therefore, it is necessary to reform the listing mechanism of new varieties. At present, under the condition that the market value orientation has been determined, it is appropriate to take the approval system and registered production as the objectives of the reform of the listing system of new futures varieties. However, in view of the development stage of China's futures market and the current situation of economic system transformation, perfecting the examination and approval system should be the best choice at present. With the gradual liberalization of China's agricultural products market, we should step up research and launch rice, rapeseed and other large varieties related to the national economy and people's livelihood, and launch relevant agricultural product option contracts as soon as the time is ripe.
(2) Vigorously develop farmers' cooperative organizations and guide farmers to enter the futures market.
The futures market is an advanced form in the agricultural product market system, and the establishment of farmers' cooperative organizations is the key for farmers to enter this market. China can encourage farmers to set up various types of farmers' cooperative organizations according to the actual situation in different regions. For scattered farmers, farmers can spontaneously set up cooperatives in the form of shares, concentrate products and funds, enter the futures market on the principle of equality and voluntariness, and avoid price risks. For state-owned farms and agricultural enterprises with production and marketing conditions and a high degree of modernization, the government should encourage them to directly participate in the futures market through agents of exchange member brokerage companies to complete hedging transactions. In specific operation, institutions such as agricultural technology stations and agricultural economic stations at the township (town) level can be transformed into agricultural cooperatives.
(3) Establish smooth communication channels of futures information and strengthen market training.
The accurate and timely dissemination of futures information is very important for farmers to adjust their planting structure and grasp the timing and price of grain sales. Therefore, first of all, it is necessary to integrate the statistics and release links of agricultural products information of relevant state departments to form a national unified information system integrating production, consumption, circulation, futures and other information to ensure the integrity, timeliness and unity of prices. Secondly, establish information service networks and communication channels at the provincial, county, township and village levels, and establish information distribution channels with the network and media as the main channels and leading enterprises and intermediary organizations as the driving force to send information to farmers. Combined with agricultural informatization and the construction of rural market information system, the normal funds and equipment investment for agricultural product price information work will be solved, and the service conditions of agricultural product information will be improved. Thirdly, strengthen the training and education of farmers, help them understand and use the futures market, enhance their ability to analyze market information, and effectively regard the futures market as an important tool for risk management.