The delivery standard of hard winter white wheat futures contract in Zhengzhou Commodity Exchange is the second kind of hard winter white wheat in the national standard (GB1351-1999). Wheat is divided into nine categories according to national standards, and hard winter white wheat is one of them.

Hard winter white wheat: winter wheat with white or yellow-white seed coat, no less than 90% grains and no less than 70% cutin rate. High-quality strong gluten wheat: wheat with high gluten content, strong gluten, good quality and special processing. According to national standards, high-quality wheat is divided into two categories, namely, high-quality strong gluten wheat and high-quality weak gluten wheat.

Because the national standard does not stipulate the intrinsic quality, the commodities delivered by hard winter white wheat futures are quite miscellaneous, including varieties with higher intrinsic quality and varieties with lower intrinsic quality, so their uses are different. When there is no strong gluten wheat futures, the delivery standard of hard winter white wheat futures is generally adopted.

But with strong gluten wheat futures, those hard winter white wheat that can meet the standard of strong gluten wheat are specially used for making bread, jiaozi, Lamian Noodles and so on. , so that most of the strong gluten wheat is separated from hard wheat. Judging from the standard of futures delivery, the stability time of hard winter white wheat is generally below 8 minutes (not excluding more than 8 minutes). Therefore, most hard wheat that can't meet the standard of strong wheat is used to make steamed bread, noodles, jiaozi and so on.

The delivery standards of hard winter white wheat and high-quality strong gluten wheat are different (see the second part of this document for details), and each contract delivery standard is very important, which directly affects the number of warehouse receipts.

Delivery standard of hard winter white wheat futures contract

Hard winter white wheat is subject to national standards, and its quality indexes are manually tested except bulk density and moisture, which is convenient to operate. After professional training, the inspectors in the delivery warehouse can master the inspection technology, so both the pre-inspection in the warehouse before warehousing and the sampling inspection in the warehouse during warehousing are qualified, and generally there will be no quality problems after palletizing.

Yield, circulation and target quantity of hard winter white wheat

China's wheat production is very large, accounting for a quarter of the world's wheat production. However, because it is a big agricultural country, farmers have a large stock of rations, and the real circulation is not very large. The circulation and qualified quantity of hard winter white wheat are also limited. The following is the calculation made by the National Grain and Oil Information Center according to the output in 2003 for reference.

Two. Hard wheat futures exchange and code

Qiangmai Futures Exchange: Zhengzhou Commodity Exchange

Transaction code: WT

Three, hard wheat futures contract text

Four, hard wheat futures price factors

1. Output, circulation and number of subjects. Including the total output of wheat in China, including the output of hard winter white wheat; And the amount of wheat that enters the market after removing the rations reserved by farmers and the hard winter white wheat that meets the delivery standards.

2. demand. Annual domestic consumption, the most important of which is the processing capacity of flour processing enterprises;

3. Weather and quality. As one of the same characteristics of agricultural products, the price of growing period is significantly affected by the weather change, which directly affects the yield and final quality of wheat, thus affecting the number of hard winter white wheat that will participate in circulation and reach the futures delivery standard in the future;

4. Inventory. As an important part of national grain stocks, the figures of wheat stocks are not made public, but the grain stocks of countries and regions can be roughly estimated from different channels, including the production stocks of flour processing enterprises.

5. National policies. The government's policies such as subsidies and tax cuts for farmers to grow wheat, as well as the liberalization of the grain purchase market and the implementation of the market-oriented mechanism have all affected the wheat futures price;

6. Consumption and season. Flour, as a product of wheat processing, has seasonal changes in its consumption, which makes the price changes caused by consumption seasonal;

7. Import volume. China is a net importer of wheat, and there is a big gap in domestic wheat consumption.

8. Outer disk. Mainly refers to CBOT wheat futures price of Chicago Mercantile Exchange and KCBT wheat futures contract of Kansas Futures Exchange.

9. Spot price. The spot market price of wheat has a strong guiding effect on the futures price, and its periodic fluctuation also has a great influence on the price expectation of future wheat futures.

10. Participation of institutional investors. Institutional investors often participate in a variety of transactions for a long time, and often pay attention to the medium and long-term trend of this variety, so the investment trend of institutional investors also has a great influence on the price quotation.