Egg futures listed for one year

At the second (2014) China egg industry chain supply and demand situation and egg futures listing first anniversary analysis meeting held recently, Dalian Commodity Exchange agricultural products business department relevant responsible person said, Egg futures since November 8,2013 listed since the development trend is good, Market operation is stable, Market function has been brought into play. As the first fresh agricultural product futures, its delivery has attracted wide attention. Since the listing of egg futures, 11 breeding enterprises, 5 traders and 1 spot subsidiary of futures company have successfully participated in the delivery, and the effectiveness of the delivery system has been tested.

Since the listing of egg futures, the trading position has increased steadily, the participation degree of industrial customers has increased steadily, and the market liquidity is good. In 2014, the average daily turnover of egg futures was 154,000, and the average daily position reached 125,000. At present, the proportion of corporate customers holding positions is 11%, the turnover proportion of corporate customers is 13.5%, and more small and medium-sized farmers participate in egg futures in their own name. From the price performance point of view, egg futures price fluctuation is much smaller than the spot price of the same period. For example, the cumulative volatility of 1409 contract price, which once became the main contract in the market, was 27.6%, while the cumulative volatility of Hebei spot price was 51% during the same period; at the same time, the spread of egg spot market returned to normal, and the convergence of spot spread at the end of contract expiration was improving day by day. The current spread of 1409 and 1410 contracts due is within 100 yuan/500kg, and the current spread of each contract continues to narrow.

Under the guarantee of stable operation of the market, the function of egg futures market appears. First of all, the correlation of egg price is enhanced, and the transparency of industry price is improved. Since 2014, the correlation coefficients between egg futures 1405 contract and 1409 contract and spot are 0.9 and 0.84 respectively, and the trend of spot market converges, which has brought profound impact on the industry, promoted the formation of new information chain among spot enterprises, futures companies and information suppliers, promoted the improvement of price sensitivity of farmers and judgment ability of future spot price trend, and provided basis for formulating breeding plan. Secondly, the risk-avoiding chain of laying hen breeding industry has been initially formed, which is helpful to promote the optimization and adjustment of industrial structure. The development of egg futures, corn futures and soybean meal futures is conducive to the development of large-scale and intensive farming, promotes the optimization and adjustment of industry structure, and enhances the enthusiasm of large enterprises to participate in poultry farming industry. Third, egg futures began to serve the modernization of laying hen industry, popularizing relevant national standards and other industrial modernization elements to small and medium-sized traders and farmers through egg futures. For example, there is no quantitative standard before egg freshness. Dashang Institute introduces an important index to measure egg freshness-Haff unit, which stipulates that the Haff unit of egg storage must be greater than 72 units. This indicator is very strange to many traditional farmers. By learning and mastering new standards, farmers have improved their ability to participate in industrial modernization. At present, some domestic food enterprises have begun to purchase Huff unit testers to control the freshness of purchased eggs.

DCC will take further measures to develop and improve the egg futures market. First, further improve the rules of egg futures contracts according to the spot market conditions, continue to improve the delivery methods that facilitate the participation of enterprises, adjust the validity period of warehouse receipts, and expand factory warehouse resources. Second, do a good job in market risk prevention and control, continue to strengthen market supervision to prevent illegal transactions, track industrial customer positions at the same time, do a good job in delivery services, and ensure effective docking of the current market and stable operation of the futures market. Third, further strengthen market publicity and training, promote industrial services, continue to cultivate the market, continue to promote the "thousands of villages and thousands of enterprises" market service projects in industries related to listed varieties, including the egg industry, train and guide farmers and enterprises to make good use of the futures market, and promote the overall transformation and development of laying hen breeding to modern agriculture.