1. Calculation formula of corn futures commission: commission charged by futures companies to customers = exchange commission+commission of futures companies.
Second, the significance of corn futures
1. Corn and soybean meal are important feed raw materials, of which corn accounts for about 60% of compound feed, and its price fluctuation has a great influence on feed enterprises.
2. Using corn futures can effectively use the functions of finding prices and avoiding risks, guide corn producing areas to adjust planting structure and promote farmers' income.
3. It can also attract social hot money to share industrial risks and improve the market competitiveness of enterprises, which is of great practical significance for improving China's competitive advantage in the international corn market.
Third, corn supply and demand forecast analysis
The main factors affecting maize yield are maize planting area, technical application, industrial policy, market price and so on. The main factors affecting corn consumption demand are population, feed demand, market price and industrial development.
Through the analysis of two factors, we can draw the following conclusions:
1) China's corn is basically self-sufficient. China's energy, technology and production capacity can ensure the basic self-sufficiency of corn, and it will not become a major corn importer in the world.
2) Insufficient supply will be a long-term trend, which is determined by the basic development of China's population and economic growth and the limitations of improving supply capacity.
3) The corn price in China will be further in line with the international market price, and the price difference with the international market will gradually narrow, which will be more and more affected by the relationship between supply and demand.
Fourth, the futures price.
1, overview
Price discovery is the basic function of futures market. By analyzing the correlation between China corn futures and spot prices, China corn futures and CBOT corn futures prices, this paper tests the price discovery function of China corn futures market.
2. Choice of corn futures
Corn futures contracts all have expiration dates, and prices are not continuous for a long time. In order to overcome the discontinuity of futures prices, the continuous monthly prices of the main contracts of corn futures are selected for analysis, which can reflect the trend of corn futures prices in China during this period. In the international market, CBOT is the largest and oldest agricultural futures exchange in the world, which plays an important role in the international market. Therefore, it is more representative to use the same method to select CBOT corn futures price for analysis.
3. Choice of spot price
Corresponding to the selection time of futures price, the spot price is the flat price of secondary yellow corn in Dalian Port and the delivery price of secondary yellow corn in Jilin (Changchun) at the end of each month.
4. Futures and spot prices
Comparing and analyzing the spot and futures prices of corn, we can see that they keep the same changing trend, and the fluctuation range of spot price is smaller than that of futures price. After correlation test, the correlation coefficient between spot and futures price in Dalian Port is 0.94, and that between spot and futures price in Changchun is 0.9 1. The former is more relevant and the price difference is smaller. Correlation analysis shows that corn futures market is effective and can give full play to its price discovery function.
5. Futures analysis
The correlation coefficient between Dalian and CBOT corn futures prices is 0.93, which has a high correlation. It can be seen that, compared with the developed futures market in the world, China corn futures market has fully played its role and achieved the integration with the international market.
The above analysis shows that China's corn futures varieties not only realize the linkage with the spot market, but also are highly correlated with the international mainstream market. Corn futures trading not only integrates futures factors into the spot market, but also integrates international factors into the domestic market. The price discovery function of corn futures varieties in Dalian Commodity Exchange is effective, which provides an effective hedging tool for all parties in the corn spot market.
Verb (abbreviation of verb) contract rules
1, the national standard changed face.
On March 28th, 2009, the General Administration of Quality Supervision, Inspection and Quarantine and the National Standardization Administration approved the release of new national standards such as corn (GB 1353-2009) and soybean (GB 1352-2009), and the new standards were officially implemented on September 1 2009.
Among the new soybean standards, there are 1 1 and 7 corn standards. In the new national standard of soybean, the application scope of the original standard was revised, the classification and attribution of imperfect grains were adjusted, and the classification of soybean was revised. The quality indexes were revised, and the quality indexes of high-oil soybeans and high-protein soybeans were put forward, and the labeling requirements of judgment rules were increased. The new standard takes the whole grain rate as the grading index, and impurities, moisture, color and smell as the limiting indexes. The index of soybean heterochromatic grains is adjusted to the category control index, that is, the category control index is ≥95%.
In the new national standard of corn, the grade series is mainly adjusted, the determination method of bulk density is modified, the determination method of bulk density of corn with water content greater than 18% is added, the imperfect grain index is adjusted, and the inspection rules and labeling requirements are added. The new national standard still takes the packing density as the grading index, and the bad particles, impurities, moisture, color and smell as the limiting indexes. The confounding index has not changed, but it has been adjusted to the category index, that is, the category control index is greater than or equal to 95%.
2. The system modifies the relevant contract rules.
Because the relevant provisions of the new national standard are mandatory, the existing quality standards of soybean 1, soybean 2 and corn futures contracts need to be revised accordingly to respond to the policy requirements and connect with the new national standard. It can be seen from this revision that the new contract-related rules, while implementing the new national standard, take into account the inheritance of the original futures contract-related rules, take into account spot trade and industry practices, expand the available delivery volume of goods, and help promote the play of market functions.
The new national standard and the new futures contract have been greatly revised in form, but they have little substantial impact on the market. If the current quality standard of futures contract does not conflict with the new national standard, the indexes such as pure grain rate and whole grain rate of soybean in the new and old national standards can be converted by formulas, and the bulk density determination of corn in the new and old national standards can also be converted according to the corresponding values. Although the grades of some converted commodities are different, the premium and discount standards for futures delivery are basically consistent with the original contract rules. At the same time, in order to maintain the stability of the market and the continuity of prices, the revised contract quality standards are implemented from the newly listed contract, and the original rules are still implemented in the listed contract, which is in line with the industry common practice of "old grain methods and new grain methods" and avoids the market shock caused by the revision of contract rules. In view of the fact that the packaging label is a mandatory standard of the new national standard, which is unified with the circulation of spot goods, the newly registered standard warehouse receipt will be implemented when the new national standard comes into effect in September 2009 1 Japan.