Because the adjustment range of VAT rate of most agricultural products is 1%, which is relatively small, it has little impact on the decline of import cost and has very limited actual impact on the futures market price of agricultural products. Although the value-added tax rate of cotton yarn and sugar is 16%, the adjustment range is large, which has a great impact on the decline of import cost, so the impact on the domestic market price is relatively greater than that of other agricultural products, but the overall impact is limited.

The reduction of value-added tax has a short-term effect on suppressing forward contract prices and boosting demand in the long run, and has a certain impact on the profits of some industrial chain enterprises.