黑土地上的金融智慧——期货市场助力构建农业种植全链条风险保障体系

Core Viewpoint - The stability of soybean and corn supply in Northeast China is crucial for food security, with key variables affecting farmers' planting benefits being land rent, yield, subsidies, and prices. While land rent and yield have improved, price fluctuations remain a significant concern for local farmers [4][5]. Group 1: Agricultural Economics - The decline in corn prices has led to reduced planting enthusiasm among farmers, impacting the overall planting area. In 2023, corn purchase prices fell from 0.89 yuan per jin to 0.82 yuan, and in 2024, from 0.79 yuan to 0.73 yuan, indicating a continuous downward trend over three years [6][7]. - Major agricultural companies are exploring the use of futures tools to stabilize planting income through order agriculture, where fixed purchase prices are agreed upon in advance to mitigate price volatility risks [6][7]. Group 2: Futures Market Utilization - The "惠民保价" project initiated by agricultural companies allows farmers to lock in prices for their crops, with examples showing increased income for farmers who participated. For instance, a farmer secured a price of 0.93 yuan per jin, resulting in an additional income of 200,000 yuan [7]. - The "夏季一口价" model, combined with the "增收宝" product, enables farmers to benefit from price increases while ensuring a minimum price for their crops, enhancing their income stability [7]. Group 3: Risk Management for Processing Enterprises - Downstream processing companies, such as维维股份, are also exposed to price volatility and are utilizing futures markets to lock in raw material costs. The company has been involved in futures since 2014 to stabilize procurement costs and manage inventory effectively [8][10]. -维维股份 reported that raw material costs, particularly for soybeans, account for over 40% of their production costs, making effective cost management essential for maintaining profit margins [9][10]. Group 4: Comprehensive Financial Support - The "银期保" project launched in 2023 aims to provide comprehensive financial support to farmers, addressing challenges such as financing difficulties and unstable sales channels. This project involves collaboration between planting entities, futures companies, insurance firms, grain purchasing companies, and banks [11][12]. - The project allows farmers to secure their income through insurance and futures contracts, with one cooperative increasing its planting area significantly after participating in the program, demonstrating its effectiveness in risk management [12].