Comparative Analysis of Urea Futures at Home and Abroad At present, Guangfa Futures has urea futures from Zhengshang Institute in China and CBOT urea futures from Shangzhi Institute abroad. By comparing the details of urea futures contracts at home and abroad in detail, we find that they are different in subject matter, price fluctuation, delivery mode, activity and price correlation. The urea futures market in the internal and external markets deserves mutual attention, but the linkage may not be high. At the same time, the design of CBOT urea futures contract may be biased towards industrial customers to hedge the price risk, which may not be attractive enough for individual investors or institutional investors to participate in the market. Domestic urea futures were listed on Zhengzhou Stock Exchange from August 2065438 to August 2009, while foreign urea futures were listed earlier. At present, the foreign urea futures are mainly the urea futures of Chicago Mercantile Exchange Group Company introduced by CBOT 2011. Domestic investors may not know much about foreign urea futures. This paper will focus on introducing CBOT urea futures abroad, and make a comparative analysis of urea futures at home and abroad. CBOT urea futures brief introduction CBOT has set up four urea futures contracts according to the origin and consumption of urea in the world. The subject matter of futures is large granular urea, that is, urea (granular) FOB Egypt futures. UFE), urea (granular) FOB Middle East Futures (UME), urea (granular) FOB US Gulf Futures, UFV) and urea (granular) CFR Brazil Futures (UFB), mainly considering that the main export areas of large granular urea are Egypt and Africa Middle East, and the main import areas of large granular urea are Meiwan and Brazil, the specific contract details are shown in Table 1.
However, the following points should be noted:
(1) The subject matter of CBOT futures is large granular urea, which is preferred by large growers in foreign markets, especially in European and American agricultural markets, so the contract trading unit designed by CBOT is 100 ton/hand (short ton/hand in Meiwan area 100, equivalent to 90.72 ton/hand);
(2) There is no limit to the daily fluctuation range of the contract, and the contract price closely reflects the fundamental situation of market supply and demand;
(3) The contract delivery method is cash delivery, and the delivery settlement price is the arithmetic average of the remaining price data after excluding the highest price data and the lowest price data released by ICIS and Profili, the well-known fertilizer information agencies in the industry, every week during the delivery month. As we all know, CBOT has agricultural futures varieties with global influence, such as corn, soybean and wheat. CBOT's introduction of urea futures may be intended to provide better risk management tools for customers in agricultural products industry to hedge the risk of price fluctuations.
Domestic urea futures were listed on Zhengzhou Stock Exchange from August 2065438 to August 2009, while foreign urea futures were listed earlier. At present, the foreign urea futures are mainly the urea futures of Chicago Mercantile Exchange Group Company introduced by CBOT 2011.
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