Egg futures is an example of the way out of variety innovation by the big business institute in combination with its own characteristics. Although the egg futures in the international market were eventually delisted due to the development and changes of the industry, considering the current situation and demand of China's egg breeding industry, which is relatively scattered and has a low scale, and the market risks faced by farmers and traders are greater, Dashang Institute designed futures contracts according to the characteristics of fresh eggs, and successfully listed the first domestic livestock and fresh agricultural products futures in 20 13, providing an effective risk management tool for China's egg breeding industry.
As a matter of fact, after the listing of egg futures, Dashang has continuously adapted to the market development situation, innovated and improved the basic system, and satisfied the support of the futures market for the real economy.
After the introduction of egg varieties, the traditional one-time delivery is facing some problems, such as unable to meet the actual needs of industrial customers for continuous delivery, and limiting the continuous supply capacity of egg factories and warehouses. In order to adapt to the industrial characteristics of "chickens lay eggs every day, eggs are delivered every day", in March 2065438+2007, Dashang began to introduce monthly daily delivery and truck delivery systems for egg varieties, which increased the convenience of delivery, greatly reduced the delivery cost, improved the convergence of egg futures prices, and became the first agricultural futures product with full contract activities in China, effectively improving the operation quality of the futures market and ensuring the stability of the market.
In 2020, Dashang will further optimize the rules of egg futures contracts. First, in order to adapt to the industry quotation habits and facilitate market use, naked eggs will be used for pricing; Second, in order to ensure the safety of storage and transportation and meet the needs of trade in different regions, the packaging requirements are adjusted; Third, in order to adapt to the industrial technology level, reduce the delivery cost, ensure farmers at different levels to participate in the delivery, and adjust the delivery quality standards; The fourth is to provide convenience for buyers, reduce the cost of receiving goods and optimize the daily delivery process; Fifth, in order to strengthen the management of sellers and customers, ensure the quality and smooth process of delivered products, and strengthen the delivery management of vehicle number plates; Sixth, in order to adapt to the characteristics of the egg industry, clarify the rights and obligations of buyers and sellers, ensure smooth flow, reduce disputes, optimize the receiving and dispatching process and the handling process of delivery quality disputes. In addition, the big business firm vigorously promotes the agreement to lay eggs, that is, the convenient delivery system. Buyers and sellers can negotiate the settlement quality and trading place of OTC egg futures through convenient delivery. In the first half of this year, the settlement by agreement accounted for 94% of the total delivery volume, which was recognized by the market. From the effect, through the continuous adjustment of contract rules, the distribution needs of most customers, including epidemic areas, were met during the epidemic period. At the same time, egg futures have also become the most sustainable agricultural futures in China.
The perfection of egg futures contract rules provides convenience and advantages for industrial enterprises to manage risks by using futures market. For example, after the Spring Festival this year, the epidemic situation led to a sluggish demand for eggs, limited logistics, a rapid drop in egg prices, and a sharp increase in industrial demand for hedging. In 2003, the contract delivery volume of eggs was 157 lots, which was the largest delivery volume in a single month in history. In order to support industrial enterprises to fight against the epidemic and save themselves, the Dashang Institute launched a convenient delivery scheme to encourage buyers and sellers to handle delivery matters remotely through agreements and reduce physical contact. At the same time, a number of risk management companies give full play to their professional advantages and provide price insurance for more than 5,000 tons of eggs for farmers and enterprises in Hubei epidemic areas, effectively serving the overall situation of "six stability" and "six guarantees".
This article is from Futures Daily.