Because the purpose of the so-called "hedging" is not to make a profit, but to reduce or balance the losses caused by the forward spread.

Both the spot price and the futures price have gone up, and the profit in the futures market largely offset the losses caused by the spot price increase. Feed enterprises have achieved good hedging effect, effectively preventing the risks brought by rising raw material prices.

However, because the increase of spot price is greater than that of futures price, the basis is enlarged, which makes the loss of feed enterprises buying spot in the spot market greater than that of selling futures contracts in the futures market, and they still lose 1000 yuan after breakeven. This is caused by unfavorable changes in the foundation and is normal.

Extended data:

The basic characteristics of hedging: at a certain point in time, buying and selling the same commodity in the same quantity but in the opposite direction in the spot market and the futures market, that is, selling or buying the same quantity of futures in the futures market while buying or selling the real thing. After a period of time, when the price changes make the spot trading profit or loss, the losses in the futures trading can be offset or compensated. Therefore, hedging mechanisms are established between "now" and "period" and between short-term and long-term to minimize price risk.

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