With the large-scale expansion of jujube, the output of jujube increased rapidly, which led to the decline of its purchase price year after year, and even the purchase price in some areas approached the planting cost line, which seriously affected the planting enthusiasm of jujube farmers.
The listing of jujube futures on Zhengzhou Commodity Exchange (hereinafter referred to as "Zhengshang Institute") provides a risk management tool for jujube price fluctuation. The "insurance+futures" model of jujube futures has also opened up a new path for jujube farmers to increase their income steadily.
Take Makati county in southwest Xinjiang as an example. This county is a veritable "jujube capital". The planting area of red dates in the county exceeds 560,000 mu, and the output exceeds 250,000 tons. In recent years, with the development of jujube industry and the precise irrigation of financial tap water.
The "insurance+futures" pilot continued to land, and the fiery fruit brought a prosperous day. Jujube has become the "golden fruit" for local people to increase their income and get rich, which effectively guarantees the income of jujube farmers, improves the enthusiasm of planting, and makes the majority of jujube farmers get tangible benefits. Xinjiang Maigaiti jujube "insurance+futures" county coverage project ended. This project provides price risk protection for more than 50,000 mu of jujube of nearly 4,000 local farmers. The overall compensation amount is16,034,300 yuan, and the average compensation amount per mu is 3 14.5 yuan, which exceeds the premium paid by farmers per mu in 50 yuan, effectively ensuring the development of local jujube industry and the stable income increase of jujube farmers.
The data shows that the "insurance+futures" project of jujube in Mohammad county covers a total jujube planting area of 6,543.8+0.6 million mu, providing price risk protection for jujube farmers of 654.38+0.4065.438+0.9. The accumulated compensation amount of the project is 41354,300 yuan, with an average compensation of 258.3 yuan per mu and 2953.88 yuan per capita. The compensation paid to farmers is 10 times higher than that paid by farmers themselves. By participating in the "insurance+futures" project, jujube farmers can avoid the anxiety of "relying on the weather to eat, and not selling at high prices in good years".
The villagers in Haman Kuyidi Village, Yangtak Township, the county have insured red dates "insurance+futures" for three consecutive years, and he has a deep understanding of the benefits brought by "insurance+futures". "The villagers are rushing to buy now, which is really a good thing." He said that the villagers are now very confident in jujube planting, and they are no longer afraid of market price fluctuations of jujube. Jujube insurance gave villagers a reassurance.
"Insurance+Futures" is a new type of agricultural insurance that uses derivatives market to spread risks. It is a financial innovation made by futures industry and insurance institutions in the process of deepening the reform of grain purchasing and storage system and price formation mechanism in China, combining their respective risk management advantages, in order to solve the problems of ensuring grain supply and preventing cheap grain from hurting farmers.
The relevant person in charge of Sino-Thai Futures said that the "insurance+futures" project of jujube in Mohammad County is not only a beneficial practice to consolidate the long-term poverty alleviation achievements, but also a concrete measure to help jujube farmers in Mohammad County increase their income.
The futures industry will continue to give full play to the advantages of financial specialty, rationally design insurance products based on the actual needs of farmers, ensure that farmers get maximum help and prosperity, and comprehensively optimize "insurance+futures" from the aspects of policy support, fund raising, publicity and guidance, and enterprise collaboration, so as to effectively guarantee the development of rural industries and the steady growth of farmers' income.