Corn is the earliest trading variety of CBOT, and it is also one of the most important and mature trading varieties, which is deeply loved by investors. Before 1970s, corn futures accounted for 5% to 30% of the total CBOT trading volume. Since 1970s, the proportion of corn trading volume has gradually increased and stabilized within a narrow range of 30% ~ 40%, and corn futures also established the dominant position in CBOT agricultural products during this period.
1.2 CBOT corn futures prices are stable.
People in the industry generally believe that for a mature futures market, the ideal state of its price trend is active and stable. According to the analysis of the annual price fluctuation of CBOT corn since 1992, the lowest price of corn futures is 192.25 cents/bushel, and the highest price is 382 cents/bushel, with a spread of nearly 1 times. At the same time, its price trend is stable. During the period of 1992-200 1 and 10, the annual price fluctuation range of corn was 125.5 cents/bushel, and the lowest was 8.39 cents/bushel. Compared with other varieties, the annual change of corn price is relatively gentle.
Futures price 1.3 is highly correlated with spot price, and the price discovery function of corn futures market plays a good role.
The correlation between futures price and spot price is an important index to measure the function of futures market. By selecting1991September -200211October CBOT March contract and the month-end closing price of American corn spot price, after strict statistical analysis, the correlation coefficient between CBOT corn futures price and spot price is 0.875, which shows that there is a strong correlation between them.
1.4 futures contract has become an important tool to preserve the value of corn and its related industries.
According to the statistics of CFTC, the American futures regulatory agency, more than half of the transactions of CBOT corn futures come from the hedging transactions of corn and its related industries, such as farmers and breeding plants. This shows that CBOT corn futures market has a considerable market scale, and its liquidity and price discovery functions play a good role, which has been recognized and favored by relevant spot enterprises. The development of CBOT corn futures market is inseparable from its good external market and policy environment. The developed corn spot market, the US government's market-oriented corn industry policy and the US government's active use of the corn futures market have ensured the sustained and stable development of the US corn futures.
2. 1 The United States is the global corn production, consumption and trade center.
America is the country with the highest corn yield in the world. The sown area of corn accounts for 1/4 of the total corn area in the world, the total output is close to 1/2 of the world total, and the trade volume accounts for 2/3 of the global trade volume. This situation determines that American corn spot traders are much more sensitive to corn prices than other countries, which makes the American corn futures market have the widest customer base and great influence in the world, which is the fundamental factor affecting the continued activity of the American corn futures market.
2.2 The corn industry in the United States has a perfect inspection system and warehousing and marketing system.
The United States implements a system of combining government management with industry self-discipline in food inspection. Perfect quality supervision, industry organization and transportation and marketing system constitute the basis for the efficient and reasonable operation of the American corn spot market, and all parties involved in the market do their own jobs and manage their own affairs well. On this basis, CBOT can calmly face some problems that China people can't handle, and do it directly according to the standards and common practices of the spot market, instead of regulating the order of the spot market through the futures market and correcting some unreasonable practices, just doing a good job in the futures market.
2.3 The corn processing industry in the United States is developed
Most of the corn produced in the United States is used to produce compound feed. Corn used as feed accounts for about 90%, and the corn consumed by feed industry accounts for about 60% of the total corn output every year. Dozens of states in the corn belt in the midwest of the United States are the main feed producing areas in the United States, and animal husbandry in these areas is also very developed. In the United States, corn is not only mainly used in feed industry, but also widely used in food and light industry. The characteristics of corn processing and utilization in the United States are large scale, many varieties and high added value of products, and thousands of corn processing products have been developed. Every time corn is used as a raw material or ingredient in consumer goods, it increases the economic value of corn; Providing and creating new employment opportunities; Increased the income of manufacturers, transportation service providers, retailers and suppliers. The US government's policy of liberalizing corn industry is an important guarantee for the successful operation of CBOT corn futures market. The development of CBOT corn futures market to today's scale is closely related to the relevant policy support of the US government. The development of CBOT corn futures market also provides a favorable tool for the US government to make use of corn futures market and formulate relevant policies.
The US government supports a freely competitive corn market.
After World War II, because the United States implemented government-guided prices, it reduced the demand for hedging and price fluctuations that attracted speculators. For example, 1948- 1965, corn prices are dominated by government-supported price and inventory management policies, and the trading volume of corn futures has dropped significantly during this period. The U.S. government gradually canceled the government's intervention in food prices, and occasionally adopted the method of controlling stocks to support prices. The corn spot market is an almost completely competitive market, and the price is determined by market supply and demand, which provides a good external environment for the development of corn futures.
3.2 U.S. government to strengthen support policies for corn industry
Because the corn production in the United States fluctuates greatly, the problem of surplus often appears. Therefore, the basic goal of American food policy in corn production is to limit production and support farmers to maintain a stable income level. For example, the corn fallow plan implemented by 1983 is a direct subsidy in kind. This measure not only subsidizes farmers, but also greatly reduces the burden of the government's large amount of corn stocks. 1April 1996, the United States promulgated a new agricultural bill, which abolished the protective price of agricultural products and subsidies for insufficient production, canceled the corn fallow plan, and stipulated that the government's direct subsidies to farmers were gradually reduced from 1996 to 2002, thus decoupling the government's support for agriculture from the prices of agricultural products and farmers' production plans, giving farmers greater production decision-making power and making agricultural production more dependent on the market. The implementation of the new law changed the original planting structure in the United States. 1996 in the year when the new law was implemented, the planting area of corn in the United States increased by 13% compared with the previous year.
3.3 The U.S. government's utilization of the corn futures market has promoted the sustainable development of the U.S. corn futures market.
Initially, the US government also held a negative and disapproving attitude towards the initial agricultural futures market. For a long time, the government's understanding of the futures market is negative, and even attempts to ban and control the futures market. After nearly 50 years of development, the rationality of the futures market has been recognized by the American government, and the government's policy on the futures market has begun to loosen. For example, in terms of hedging regulations, the exemption scope in 1968 is relaxed to the hedging of related products, and the quantity is increased to one year's production demand. 1976, the scope of pardon is relaxed again: wheat futures are allowed to hedge future flour demand, corn futures are allowed to hedge future corn processed products, corn futures are allowed to hedge the sale of corn seeds and sweet corn, and finished products futures are allowed to hedge raw material positions. Judging from the development situation, traders can constantly get hedging opportunities as long as they operate on the basis of holding spot.
After having a certain understanding of the function of the futures market, the American government began to strengthen the utilization of the corn futures market, mainly through the following two ways: the first is direct utilization. Government departments take futures prices as an important reference when formulating macro policies. For example, when determining land fallow and agricultural product subsidy policies, the US government is concerned about the price of CBOT-related products. The second is indirect utilization. It mainly means that the government and relevant organizations publicize the futures market to farmers and related parties from the front. Futures option
A trading unit of a CBOT futures contract of 5000 bushels (5000 bushels)
The lowest price changes are 0//4 cents per bushel/kloc ($0/2.50 per contract) and 0//8 cents per bushel/kloc ($6.25 per contract).
The maximum fluctuation of daily price is limited to 65,438+00 cents per bushel higher or lower than the settlement price of the previous trading day ($500 per contract), and the spot month is not limited to 65,438+00 cents per bushel higher or lower than the settlement price of the previous trading day ($500 per contract).
The final price is an integer multiple of-0/0 cents per bushel/kloc.
Contract month 12, 3, 5, 7, 9.
The trading time is 9: 30 am-1:15 (Chicago time), and the trading deadline on the last trading day of the expired contract is noon that day.
The seventh business day of the last trading day from the last business day of the delivery month is the last Friday of at least five business days before the first notice date of the relevant corn futures contract.
The delivery grade shall be subject to No.2 yellow corn, and the price difference of alternative varieties shall be stipulated by the exchange.
Reasonable contract design 10 (Chicago time) on the first Saturday morning after the last trading day of the contract expiration date.
4. 1. 1 corn futures contract
The design fully meets the basic requirements of futures operation rules and the production and operation characteristics of corn, the subject matter of the contract. The design of futures contracts can effectively meet the actual needs of futures traders for hedging and risk speculation. If the contract specification is 5000 bushels, it is consistent with the transportation capacity of the corn spot main transport barge; The setting of CBOT contract month refers to the growth cycle of American corn crops; The extension of contract term refers to the demand for cross-year hedging; The quality distribution and spot reality of American corn spot market are fully considered in the substitute design of standard products for contract delivery and the determination of premium value.
4. 1.2 corn option contract
CBOT's corn futures market can develop to today's scale, which has a very important relationship with CBOT's perfect corn product setting. From 65438 to 0985, CBOT successfully launched corn option contract trading, which effectively strengthened the position of corn futures contract in CBOT agricultural futures market, provided futures investors with more effective hedging tools and more accurate hedging; At the same time, the introduction of corn option, a more financial derivative variety, has attracted more investors outside the corn industry and effectively promoted the expansion of corn futures trading scale. The cooperation and promotion of CBOT corn futures and options market has effectively ensured the leading position of corn trading scale in CBOT agricultural products market.
4.2 Scientific and reasonable trading delivery system and self-discipline system are important guarantees for the development of CBOT corn futures market.
After more than 50 years of development, CBOT has formed a set of reasonable trading delivery rules and self-discipline system suitable for corn futures trading, which has created a good trading environment for corn futures trading and promoted the development of corn futures market.
When CBOT formulated the trading delivery system, it fully considered the spot trade of corn in the United States, and formulated a relatively loose system, such as the delivery system of shipping documents along the Illinois River, which is completely in line with the spot habit, and the system of not adding margin and releasing the price limit near the delivery month to meet the demand of market participants for the futures market, so that the futures market has always been in a low-cost operation state, which directly contributed to the high activity of corn futures trading. During the development of 150 years, the American corn market has formed a set of perfect and scientific supervision systems, such as large household declaration system, market access system, inspection system, etc., which ensures the fairness, justice and openness of corn futures trading, protects the interests of investors and enhances their confidence in the market.
Facing the tide of economic globalization after China's entry into WTO and the internationalization of domestic feed enterprises, we should learn from the advanced things in the world. It is hoped that our feed enterprises will rapidly grow into modern advanced enterprises based on science and technology and capital and with modern financial tools as their wings in the tide of reform.