The variety of fresh eggs is defined in NY5039 "Pollution-free Eggs-Fresh Eggs" of the Ministry of Agriculture and SB/T 10277 "Fresh Eggs" of the former Ministry of Internal Trade (now under the Ministry of Commerce), and its technical requirements, test methods, product inspection, labeling, packaging, transportation and storage are clearly defined. The Ministry of Agriculture also issued NY/T 1277. Based on SB/T 10277 and NY/T 1758, the standardization of egg varieties can be realized by reasonably increasing the inspection index of pathogen content in NY5039.
The freshness of eggs often changes with time. At room temperature, fresh eggs will change obviously after being stored for 6 days, and will appear yellow after being stored for 25 days. The research shows that this change can be detected by air chamber height, specific gravity, yolk index (yolk height/yolk diameter), Hough unit and other indicators, especially Hough unit, which is a common index to test egg freshness internationally. In China's existing industry standards, Huff unit, yolk index, egg weight per 10 and the height of air chamber of eggs have all been included in egg grading, which can objectively evaluate the freshness of eggs.
(2) The market scale is moderate and the delivery volume is sufficient.
According to the data of National Bureau of Statistics and FAO, from 2008 to 20 10, the average output of eggs in China was about 23.57 million tons. According to the price data of China Animal Husbandry Association, from 2008 to 20 10, the national average price of eggs was 7965 yuan/ton. Roughly speaking, the size of China's egg market has exceeded180 billion yuan in recent years.
The commercialization rate of eggs in China is very high. Except for some eggs produced by free-range farmers for their own consumption, eggs from large-scale farms are sold in a market-oriented way. The output of more than 2,000 laying hens farms in China accounts for about 60% of the national total output, about1465,438+10,000 tons, and the market scale reaches11200 million yuan. If the trading object is designed according to the standard in SB/T 10277 "Fresh Eggs", the eggs produced by large-scale laying hens in China can be used for delivery, and the output of chicken farms with a breeding scale of 654.38+100000 can reach 5.7 million tons, which is enough for delivery.
(3) The market competition is relatively sufficient and there is no monopoly.
China's egg market has a high degree of marketization in production, consumption and trade, full competition and no monopoly. In terms of output, Henan Province is the province with the largest egg output in China, accounting for only 14. 1% of the whole country. The top 10 provinces account for 78.7% of the national total, with about 30,000 chicken farms and more than 0/00 hens. The output of the largest enterprises is less than 0.5% of the national total.
In terms of consumption, the consumption of households and catering enterprises exceeds 80% of the total consumption of fresh eggs in China, and it is difficult to form a monopoly. In terms of trade, the four trade modes of China egg industry all have certain regional characteristics, so it is difficult to form a national monopoly trader.
(4) The price fluctuates greatly, and the correlation between regions is high.
There are many factors that affect the price of eggs, such as chicks, feed, disease prevention, substitution of other livestock products, seasonal factors, weather, epidemic situation and so on. So the price of eggs fluctuates greatly and frequently. According to the data of the national average monthly egg price of China Animal Husbandry Association, from June 65438 to August 2065438, the national average egg price fluctuated from 4.66 yuan/kg to 10.64 yuan/kg, with an average of 6.72 yuan/kg and a standard deviation of 1.43 yuan/kg.
The biggest drop was 8.6%. There is a high correlation between egg prices in China. Taking the average prices of Henan, Hebei, Shandong, Liaoning, Guangdong, Beijing, Shanghai, Guangxi and other places with the largest egg production as an example, the correlation coefficients between the average prices of the four exporting provinces all exceeded 0.98, and the correlation coefficients between the average prices of exporting provinces and importing provinces, and between importing provinces and importing provinces all exceeded 0.94. The linkage of egg prices in China is very obvious.
(5) There are no major potential risks and policy obstacles.
Eggs do not need to be subject to compulsory quarantine when they are sold and transported. The Law of People's Republic of China (PRC) on Animal Epidemic Prevention clearly stipulates that when transporting eggs that can only spread animal diseases across provinces, autonomous regions and municipalities directly under the Central Government, the owner shall apply to the health supervision agency at the place of entry for quarantine according to the regulations, and can only sell them after passing the quarantine inspection. There is no requirement for compulsory inspection of eggs for ordinary consumption or other purposes, and there is no relevant provision for compulsory quarantine of eggs in China's industry standards.
Eggs have clear industry standards and clear quality judgment methods, and the freshness can be judged by physical and chemical indicators such as Huff unit, so there is no major potential risk. The entry threshold of the egg industry is low, and free-range farmers and small retailers still occupy a certain proportion in the industry. The national ministries and trade associations related to the egg industry include the Ministry of Health, the Ministry of Agriculture, the Ministry of Commerce, and the China Animal Husbandry Association. Relevant national ministries and commissions have formulated their own industry standards to regulate the egg industry, and there are no major policy obstacles to the development of futures trading in egg production, sales, quarantine, trade and circulation.
(6) There are successful precedents in the international futures market.
Egg is one of the earliest varieties for futures trading in the world, and it is also a very successful variety in the history of futures development. The United States, Japan and other countries have carried out egg futures trading.
1874 some suppliers set up agricultural products exchanges in Chicago to conduct forward transactions of eggs and other commodities. 1898, the butter and egg traders withdrew from the agricultural products exchange and established the Chicago butter and egg exchange. 19 19, Chicago Butter and Egg Exchange was officially renamed Chicago Mercantile Exchange (CME). After the establishment of CME, eggs began to be traded as futures varieties. 1966, CME added fresh eggs to the original frozen eggs.
In the early 1960s, egg futures entered its heyday, becoming the third largest futures product in the world after soybeans and wheat. After 1970s, due to the change of American egg spot market, large chicken farms directly supplied to large supermarkets, and the price and supply were gradually fixed, which reduced the hedging demand of industrial customers. In this context, 1982 CME cancelled the egg variety.
1999, egg futures listed on Japan Central Commodity Exchange, spot delivery. 20 10 stopped trading due to shrinking transaction. The egg industry in China is developing from free-range and small-scale farming to large-scale farming. The number of laying hens below 500 is as high as 96.8%, while the size of chicken farms in the United States is generally between 300,000 and 654.38+00,000.
Therefore, the development stage of China egg industry is very suitable, and it is necessary to carry out futures trading. The operating experience of American egg futures market for nearly a hundred years can provide valuable reference for the design of egg futures contracts in China. It can be used for reference to design futures contracts that meet the characteristics of China's egg industry.