：
1. What is pig futures?
Pig futures is a new thing, at least for the pig industry in China, it is indeed the first time in history. But it didn't happen overnight. The pig industry is no stranger to commodity futures, and corn and soybean meal futures have always had a great influence on the feed industry. This time, the big commercial house responsible for pig futures has also been undertaking the trading of corn and soybean meal futures.
In the world, pig futures also have a long history. As early as 1966, Chicago Mercantile Exchange (CME) began to trade live pig futures. Now, the lean pig contract ranks second among the most active agricultural products contracts on the Chicago Mercantile Exchange.
In China, as early as the end of 2008, the Central Committee of the Communist Party of China and the State Council issued "Several Opinions on Promoting the Stable Development of Agriculture and Increasing Farmers' Income in 2009", which mentioned that measures such as futures trading should be taken to stabilize the development of pig industry.
2065438+February 2008, the CSRC officially approved the application of Dashang to set up live pig futures, which indicates that the listing of live pig futures will go further. Subsequently, the big business institute began industry research on how to carry out pig futures. It is worth noting that although the CSRC has approved the futures trading of live pigs. However, the relevant specific rules have not yet been announced.
2. The significance of live pig futures to the industry
The caution of large trading companies is understandable. After all, live pig futures is the first futures product to be delivered in China. Coupled with the existence of non-epidemic risks, how to launch and how to formulate launch standards need to be considered. After all, it is different from other futures. For pig futures, in addition to the demand for speculative trading, the original two functions of futures may be more concerned by the pig industry.
(1) Price discovery function of live pig futures. In this way, farmers can avoid the risk of sharp fluctuations in market prices. Simply put, futures trading is a futures contract, and the price of live pig futures reflects the expectations of all parties for the price of live pigs at a certain moment in the future. Compared with farmers who are now pondering their own problems, it is obviously much more reliable to observe the overall price expectation of the market through futures contracts with different maturities.
(2) hedging function. Pig processing and sales enterprises can avoid risks through hedging, and pig futures can adjust all links from breeding, breeding, feeding, processing to sales according to changes in market demand. At present, the hedging of corn and soybean meal futures by large feed enterprises can be said to be very mature, which has become a great weapon for some feed enterprises to reduce feed costs. In the future, capable slaughter enterprises and aquaculture enterprises will inevitably join this ranks.