Example of selling hedging: (This example is only used to illustrate the principle of hedging, and the specific operation should consider the transaction fee, position fee and delivery fee. In July, the spot price of soybean was 20 10 yuan per ton. A farm is satisfied with the price, but soybeans will not be sold until September, so the unit is worried that the spot price may fall by then, thus reducing its income. In order to avoid the risk of future price decline, the farm decided to trade soybean futures on Dalian Commodity Exchange. The transaction situation is shown in the following table:

Spot market futures market

In July, the soybean price was 20 10 yuan/ton, and the transaction was 10 lot. September soybean contract: the price is 2080 yuan/ton.

Soybean sold in September100t: price 1980 yuan/ton; In September, I bought 10 lot of soybeans: the price is 2050 yuan/ton.

Arbitrage results in a loss of 30 yuan/ton and a profit of 30 yuan/ton.

The final net profit is 100*30- 100*30=0 yuan.

Note: 1 hand = 10 ton.

From this example, we can draw the following conclusions: First, the complete sell hedging actually involves two futures transactions. The first is to sell futures contracts, and the second is to sell the spot in the spot market and buy the original position in the futures market. Second, because the trading order in the futures market is to sell first and then buy, this example is selling hedging. Third, through this set of hedging transactions, although the spot market price has changed adversely to farms, the price has dropped by 30 yuan/ton, resulting in a loss of 3,000 yuan; However, trading in the futures market made a profit of 3,000 yuan, eliminating the impact of adverse price changes.

Examples of purchasing hedging:

In September, an oil factory estimated that 10/00 tons of raw soybean was needed in October. At that time, the spot price of soybean was 20 10 yuan per ton, and the oil factory was satisfied with the price. It is predicted that the soybean price may increase by 5438+065438+ 10 in June. Therefore, in order to avoid the risk of rising raw material costs caused by future price increases, the oil factory decided to conduct soybean hedging transactions on Dalian Commodity Exchange. The transaction is as follows:

Spot market futures market

In September, the soybean price was 20 10 yuan/ton. Buy 10 lot 165438+ 10 month soybean contract: offer 2090 yuan/ton.

10/00 tons of soybeans1/kloc-0: the price is 2050 yuan/ton; Sell 10 lot 165438+ 10 month soybean contract: offer 2 130 yuan/ton.

Arbitrage results in a loss of 40 yuan/ton and a profit of 40 yuan/ton.

The net profit of the final result is 40* 100-40* 100=0.

From this example, we can draw the following conclusions: First, a complete buy hedging also involves two futures transactions. The first is to buy a futures contract, and the second is to buy a spot in the spot market and sell the position originally held by the hedger in the futures market. Second, because the trading order in the futures market is to buy first and then sell, this example is buying hedging. Third, through this set of hedging transactions, although the spot market price has changed adversely to the oil plant, the price has increased by 40 yuan/ton, so the cost of raw materials has increased by 4,000 yuan; However, the trading in the futures market made a profit of 4,000 yuan, thus eliminating the impact of adverse price changes. If the oil factory does not hedge, he can get cheaper raw materials when the spot market price falls, but once the spot market price rises, he must bear the losses caused by it. On the contrary, he hedged in the futures market, although he lost the profit of favorable changes in the spot market price, but he also avoided the loss of unfavorable changes in the spot market price. Therefore, it can be said that buying hedging avoids the risk of price changes in the spot market.