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:
1, hedging scheme design,
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 2050 yuan/ton.
Soybean sold in September100t: price 1980 yuan/ton; Buy soybean 10 lot in September: the price is 2020 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.
Second, intertemporal arbitrage.
In September, the cotton futures price was 25,000 yuan/ton, and in February, it was 65,438+28,000 yuan/ton, with a middle price difference of 3,000 yuan/ton.
In this case, you can buy the September contract and sell it in 65438+February, regardless of the cost, earning 3000 yuan/ton.