The central reserve mainly regulates the national grain supply and demand and the balance of production and marketing areas, while the local reserve mainly serves the stability of the regional grain market and forms an efficient "national chess game". In this process, the risk management function of the futures market has been effectively played.
In the past, Russia, Ukraine, Argentina, India and other important "granaries" in the world have all tightened their food exports, resulting in a tight supply of global agricultural products. Affected by this, the futures prices of overseas agricultural products such as wheat, soybeans, rice and oats rose sharply in the short term.
Facing the unfavorable factors such as the increase of uncertain risks in the global grain industry chain supply chain and the sharp rise of grain prices, China actively uses the grain reserve system to adjust the supply and demand structure, thus stabilizing grain prices. In this process, the futures derivatives market gives full play to its risk management function and serves the overall situation of national food security and price stability with practical actions.
The world's important granaries are in a hurry;
Since the beginning of this year, the global food supply structure has suddenly changed, which has become an important factor in catalyzing the rise of food prices.
With fertile black soil and high grain output, Ukraine and southwestern Russia are called "granaries of Europe". According to FAO data, Russia is the world's largest wheat exporter and Ukraine is the fifth largest wheat exporter. These two countries provide about 65,438+09% barley, 65,438+04% wheat and 4% corn.
In February this year, the Ukrainian crisis broke out and Ukraine's grain exports were once interrupted. On July 22nd, representatives of Turkey, Russia, Ukraine and the United Nations signed the Black Sea Food Initiative in Istanbul, valid for 120 days. The agreement includes: establishing a joint coordination center in Istanbul to ensure the safety of food transportation. Russia and Ukraine agreed that neither side would attack the transport ship. According to the notification issued by the Turkish side, since the signing of the initiative, at least 426 grain carriers have set off from Ukrainian ports and transported more than 9.7 million tons of agricultural products.
However, the good times did not last long. On June/KOOC-0/65438+/KOOC-0/October/KOOC-0/local time, the United Nations Secretariat of the Black Sea Grain Transportation Joint Coordination Center issued a statement saying that no vessels will be arranged to operate under the Black Sea Grain Initiative on June/KOOC-0/65438+/KOOC-0/October 2. This is the first time that the joint coordination center has interrupted the movement of ships since the implementation of the initiative.
On June 2, local time, 1 1, the Russian Ministry of Defence said that the Russian Federation would resume its participation in the Black Sea port agricultural products export agreement. However, the Russian side stressed that Russia reserves the right to withdraw from the Black Sea Initiative again, and Ukraine must promise not to use the Black Sea transport corridor for military operations against Russia.
In addition to Europe, important "granaries" in Asia and America have also brewed or introduced a series of export restrictions on food (agricultural products) to cope with domestic supply shortages, rising prices and extreme weather.