Egg futures began with the world-famous futures exchange Chicago Mercantile Exchange (CME). First of all, CME started from egg futures. CME was established in 1874. Its predecessor was the Agricultural Products Exchange, which was founded by a group of agricultural products dealers. At that time, the main commodities listed on the exchange were butter, eggs, poultry and other agricultural products that could not be stored. 1898, the butter and egg merchants withdrew from the agricultural products exchange and established the Chicago butter and egg exchange, which was later renamed the Chicago Commodity Exchange. In addition to CME, egg futures have also been listed and traded on the Japan Central Commercial Exchange. According to the research and design scheme of egg futures of China Chamber of Commerce, egg futures contracts are "mini-sized" compared with those of steel and lead futures which cost hundreds of thousands of yuan. The trading unit of each lot is 500 kg, the minimum change unit is 0. 1 yuan /50 kg, and the minimum margin is 5% of the contract value. According to the historical highest price of eggs 10.74 yuan/kg, and the ratio of deposit collected by futures companies 10%, the deposit of egg futures contracts is only 537 yuan per lot.

In China, egg futures is the first animal husbandry futures variety and fresh agricultural products. On March 2013 18, Dalian Commodity Exchange released the draft egg futures contract. On September 25th, 20 13, China Securities Regulatory Commission approved the egg futures contract listed on Dalian Commodity Exchange. 2065438+On September 25th, 2003, China Securities Regulatory Commission approved the listing of the egg futures contract of Dalian Commodity Exchange (hereinafter referred to as Dashang Exchange), in order to further improve the variety system of agricultural products futures, meet the actual needs of spot enterprises and better serve the development of the real economy. According to the market situation and the progress of various preparatory work, Dashang will list the egg futures contract in due course.

Two. Egg futures exchange and trading code

Egg Futures Exchange: Dalian Commodity Exchange, trading code: JD.

Third, the egg futures standard contract

Four, egg futures contract design principles

The design of egg futures contract embodies the principle of being close to industrial demand, ensuring food safety and strictly controlling business risks.

First of all, the design of egg futures adheres to the principle of being close to the needs of the industry, and on the basis of fully considering the realistic conditions of scattered production areas, small average breeding and trade scale in China's egg industry, a design scheme that is convenient for small and micro enterprises to participate is formed; Secondly, eggs are important nutritious food for ordinary people, and ensuring the food safety of eggs for futures delivery is the most important factor when we design contracts. We strictly meet the delivery quality standards and innovate the delivery system to ensure the food safety of eggs for futures delivery in all directions. Finally, on the basis of drawing lessons from foreign egg futures design experience, according to the operating characteristics of China's egg industry, and taking the overall operation safety of the market as an important design principle, the position limit of each customer is reasonably determined, so that the operation of the futures market conforms to the unique spot characteristics of eggs, and the risk disposal measures for emergencies such as epidemics are established to ensure the overall operation safety of China's first livestock and poultry breed market and give full play to its due role.

In the specific design of contract and system, we design system, process and related parameters according to the actual situation of enterprises in the egg industry, reflecting the service to the industry. For example, the contract scale of egg futures is determined according to the daily output of general farmers in China, which is convenient for small and medium-sized farmers to participate. The monthly delivery position limit is also set according to the spot trade habits and the actual situation of small and medium-sized traders, which adapts to the small-scale characteristics of the egg industry.

5. What are the influencing factors of egg futures price?

(A) the macro-environment and policy impact

Since the reform and opening up, China's economy has developed continuously and rapidly, its economic strength and comprehensive national strength have been continuously enhanced, and its infrastructure and urban and rural appearance have undergone tremendous changes. Since entering a new stage of development, the economy has maintained steady and rapid growth, and the national fiscal revenue has increased substantially. It is in this environment that the consumption level of residents is getting higher and higher, and the price level is also on the rise, which leads to the fluctuation trend of egg prices. In addition, once the macro environment changes greatly, it will also have an impact on the price of eggs.

The adjustment of relevant national industrial policies, the adjustment of import and export policies, and the purchasing and storage policies of agricultural products (00006 1, stock bar) will have a direct or indirect impact on egg prices.

(B) the impact of supply on prices

Changes in output. Because egg production takes at least half a year from the purchase of chicks to the laying of eggs, it has a long periodicity, and the production adjustment of farmers will lag behind the change of market supply and demand, thus causing the cyclical change of laying hen market. Therefore, the change of egg production is an important factor affecting the price of eggs.

The influence of production scale. There will always be great price fluctuation in China's layer breeding industry, and one of the most important reasons is the blindness of farmers in layer breeding. Seeing that others raise their own eggs, or even blindly expand the scale of breeding, regardless of their own conditions and national market conditions, the supply of eggs in the market exceeds demand and they compete viciously with each other, which is the decline in egg prices. The scale of raising chickens directly determines the economic benefits of farmers and the supply of eggs in the market, and has the greatest influence on the change of supply and demand, which is the main factor affecting the change of egg prices. With the gradual increase in the scale of laying hens, the supply of egg products is also increasing. Under the condition of unchanged production technology, according to the law of diminishing marginal expected annualized expected income, the price of eggs will show a downward trend.

Seasonality of production. The climate turns warmer in spring, which is the most suitable season for chickens to lay eggs. When they enter the laying season, the supply increases and the price of eggs drops. The high temperature and hot climate in summer affects the feed intake of laying hens, which leads to the decrease of laying rate. In the off-season of laying eggs, the amount of eggs laid and listed will decrease, the supply will decrease, and the price of eggs will rise.

(C) Analysis of demand factors

Factors affecting demand: 1, population change; 2. The development speed of regional economy. The price of the egg commodity itself and other related commodities; 4. The income level of consumers; 5. Consumers' eating habits; 6. Consumer's future consumption tendency. These factors have an impact on the demand for eggs, changing the relationship between supply and demand and causing changes in egg prices.

Population and economic development. The growth of population and the rapid development of regional economy will increase the social demand for egg products.

The price of the egg itself. The consumption price of eggs is the most important factor affecting the per capita consumption of staple food. Generally speaking, the per capita consumption amount of staple food will decrease with the increase of consumer price, but it will increase. In other words, there is a negative correlation between the per capita consumption of eggs and the consumption price. At the same time, the demand price elasticity of eggs (the range of demand change/price change) should be negative.

Substitute price. Generally speaking, in the case of the same eggs, the decline in the price of competitive products will make consumers increase the consumption of competitive products, thus reducing the consumption of eggs; On the contrary, the high prices of pork and other meats have increased people's consumption of eggs to some extent.

The influence of changes in consumers' consumption habits. Mainly affected by region and consumption season. For example, in summer, people's diet is clear, the consumption of pig, beef and mutton as egg substitutes decreases, the demand for eggs increases, and the price of eggs rises; On the contrary, consumption in winter is relatively reduced.

Seasonality of market demand. The economic benefits of laying hens are restricted by market supply and demand. When supply exceeds demand, the price of eggs will fall, and vice versa. In April, May, August and September every year, there are almost obvious high-frequency bands, mainly because the demand for eggs increased before the holiday, which led to the increase in egg prices.

(d) cost factor

The overall cost of laying hens in China is increasing year by year. According to the national feed market price of the Ministry of Agriculture, the average price of 201kloc-0/compound feed for laying hens is 2.8 1 yuan/kg, which is 7.25% higher than that of 20 10. The average price of laying hens is 3.23 yuan/kg, which is 26.67% higher than 20 10. Coupled with the increase of labor and electricity, the total cost of laying hens in 20 1 1 year reached about 135.59 yuan per hen, which was 7.5 1% higher than that in 201year.

Influence of weather factors and transportation costs

Weather changes will affect the storage and transportation of eggs, which is directly related to the change of egg prices. For example, the hot weather in summer makes it more difficult to store eggs. In case of rainy weather, it also brings a lot of inconvenience to transportation. At the same time, with the rise of international oil price, the transportation cost is further increased, which further affects the price of eggs.

(six) the impact of epidemic diseases and the number of imports and exports

The epidemic situation of chicken epidemic disease is one of the main factors that affect the supply of eggs in the future and cause the fluctuation of egg prices.

The import and export quantity of eggs is also a part of the supply and demand of the egg market. The change of import and export quantity affects the supply and demand of eggs, and then affects the price of eggs. However, due to the relatively small number of eggs imported and exported in China, the impact on prices is limited.