Last year, in order to protect the interests of farmers, stabilize domestic food production, the state has had in producing soybeans, corn, wheat and other food crops, purchasing and storage plan, and now has entered the end of the grain purchasing and storage, the State Reserve price of purchasing and storage indeed played a role quite However, look in the futures market, purchasing and storage of these species seem to eliminate the market trend. After the gradual loss of purchasing and storage of soybean trend
2008 Development and Reform Commission announced the 1.85 yuan per jin (3700 yuan / ton) prices in the three northeastern provinces and Inner Mongolia acquisition of 1.5 million tons of soybean as a central reserve, news, producing soybean spot price back to it quickly, to 3700 yuan / ton.
But quickly picked up domestic soybean prices has brought an entirely different story, 3,700 yuan higher than the price of soybean imports to Hong Kong not only the cost of distribution is also higher than the price of imported soybean. Parity in the internal and external factors, the coastal squeeze manufacturers turned to low-cost procurement of imported soybeans.
Growing areas, due to high cost, almost no profit squeeze, many oil companies have stopped procurement. Soybean imports to Hong Kong occupies a lot of market share, pressure on the domestic soybean double, in the factors, the pre-national storage purchasing and storage policy has not played a good result, domestic soybean spot prices turned down again.
Order to maintain market stability, in December 2008 the relevant departments to increase again over 1,400 tons of food purchasing and storage plans, including 1.5 million tons of soybean. Thus producing soybean state income reserves of 300 million tons, but 3 million tons for the 2008/2009 National 16 million tons of soybean production is undoubtedly drop in the bucket.
In addition, demand for 70% of China’s soybean imports, imports of soybeans as late been to Hong Kong, imported soybean prices fell again a drag on domestic soybean prices, for which the State had issued a fourth temporary grain purchase plan, which acquisition of producing 3 million tons of soybean country temporary storage.
Thus producing countries have acquired six million tons of domestic soybean, the acquisition closing date for the end of June 2009. With the purchasing and storage coming to an end, soybeans decreased circulation, the State Reserve master the vast majority of the market supply. Although the domestic soybean
only 30% of domestic consumption, but the policy has been in the soybean futures market first emerged. Volume, open interest shrinking investor enthusiasm for the contract fell sharply, speculative funds also hope and stop this. In the short term, the trend of soybean futures no longer speak, sideways volatility is the best portrayal. Albert the Great Wall Futures
Liu Xing-hua, the state purchasing and storage policy is soybean market had an impact on soybean futures are unable to gather market sentiment, and soybean meal Bean oil This contrast compared to other species especially. But such a market should only be phased in, the State Reserve late throw to break the current weakness in storage or pattern.
Soy or wheat followed the steps
If soybean futures are wandering in the policy market edge, then the futures on the ale, the impact of policies on the market has been reflected most vividly. Withdrawal of funds, there is little speculative forces involved.
At the end of September 2008, the country’s 11 provinces in total wheat production in the acquisition of new production of wheat in 2008 58.666 million tons, 16.242 million tons more than last year. Of which 50.878 million tons of state-owned grain enterprises to purchase, accounting for 87% of the total acquisition over the previous year increase of 14.729 million tons over the same period.
In addition to leading the market starving, the country also increased in 2009 white wheat, red wheat, mixed wheat minimum purchase price policy of wheat market characteristics is obvious. Into policy in the city, the wheat futures in addition to the drought-affected out of a wave of early rising stock market, most of the time this year basically for the sideways price movements, trading volume in the 100,000 basic hand less speculative funds and no interest in futures on the ale. BOLA TANGKAS