There is a causal relationship between the optimal hedging ratio and the futures premium, and the futures spot basis premium is the fundamental reason for the change of the optimal hedging ratio, so it is impossible to compare the optimal hedging ratio with the futures premium and spot premium alone. For example, between the futures price of strong wheat and the spot price of high-quality wheat, the spot price is relatively stable, but the futures price of strong wheat fluctuates greatly, which causes future positions to face greater risks when hedging the same amount. After optimization calculation, the ratio of futures to spot may be 0.35: 1, and the futures price premium *0.35 is closest to the spot premium * 1.