A few days ago, the reporter learned from the 2021 China Agriculture and Animal Husbandry Industry (Derivatives) Conference Pig Forum and the first China Pig Trade Conference that since the listing of pig futures, Chinese breeding industry companies have paid close attention to and actively participated
At present, more than 10 listed companies including Muyuan Co.
have issued announcements that they plan to use the futures market to assist their operations.
A total of more than 60 breeding companies have applied for hedging qualifications, and more than 2,000 corporate customers (excluding asset management and special legal person customers) Participate in hog futures trading
Among the top 20 leading companies in pig breeding, 19 have submitted delivery warehouse application materials to the Dalian Commodity Exchange, and 11 have become hog futures delivery warehouses
As of September 27, the average daily holdings of hog futures legal person customers accounted for 36%
According to the relevant person in charge of DCE, since the listing of China's live pig futures, the operation has been stable, the market transactions are rational, and the transaction holdings have grown steadily.
The first contract, LH2109, was successfully delisted on September 27
As of September 27, live pig futures had been operating for 175 trading days, with a total trading volume of 3.
3195 million lots, a total trading volume of 1.
03 trillion yuan, and an average daily holding of 42,500 lots
Among them, the LH2109 contract volume was 1.
9097 million lots, the total turnover was 659.
113 billion yuan, and the average daily position was 16,700 lots
From the perspective of price trends since the listing of live hog futures, since the listing, the price of live hog futures better reflects market expectations
Specifically, before the Spring Festival this year, the live pig market is in the peak supply season, spot prices are rising steadily, and futures prices are gradually falling, rationally reflecting demand expectations in the second half of the year; after the Spring Festival, the market is worried that the epidemic will affect future supply as the new crown pneumonia epidemic rises.
The futures price is higher than the spot price; from March to August, the consumption off-season is superimposed on factors such as the concentration of fat pigs for slaughter, and the spot price drops.
The market predicts that the price will rise in the peak season in September, and the futures premium; Prices have returned
It is understood that in order to ensure the safe and stable operation of the live pig futures market, DCE attaches great importance to the prevention and control of risks, and has adopted a series of measures such as high margin, high handling fee, strict position limit and trading limit, etc.
, to strictly prevent excessive trading, while strengthening abnormalities Transaction management, strengthen the actual control relationship account investigation, strengthen the supervision of future-to-money linkage and strengthen hedging management, and earnestly perform the supervision and service responsibilities of important links such as trading, settlement, delivery, and supervision
The person in charge said that with the efforts of all parties in the market, the delivery of the first batch of pigs was completed smoothly in September, and various systems such as pig futures trading, delivery, and risk control have been tested in practice
The reporter learned that since this year's live pig futures were listed on the Dalian Commodity Exchange, the pig "insurance + futures" project has achieved remarkable results, providing small and medium-sized enterprises and farmers with pig price risk protection
As of the end of August, the 2021 "DCOM Farmers' Income Guarantee Plan" established by DCE has established 131 live pig "insurance + futures" projects, involving 50 futures companies and 10 insurance companies, covering 27 provinces , Guaranteed 1.
36 million live pigs, 21 compensation projects have been generated, the highest compensation rate reached 405%, and the support fund reached 73,694,500 yuan
The person in charge said that in the next step, DCE will continue to promote the smooth operation of the hog futures market from three aspects, promote the further function of the hog futures market, and better serve the development of physical enterprises
Specifically, the first is to expand the delivery resources, improve the delivery warehouse layout, and expand the scope of group delivery; the second is to activate the market in an orderly manner, and increase the volume and efficiency under the premise of effectively preventing risks; the third is to improve the delivery efficiency and quality, and continue to advance Intelligent delivery supervision