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A企业靠期货套保操作破困局
Qi Huo Ri Bao Wang·2025-08-19 00:57

Core Viewpoint - The article discusses the challenges faced by feed companies, particularly in managing raw material inventory during a period of falling prices due to a bumper harvest cycle, and highlights the strategic use of futures hedging to mitigate risks and enhance profitability [2][10]. Group 1: Industry Challenges - Since the second half of 2023, corn prices have declined significantly due to the bumper harvest of staple crops, leading to a rapid narrowing of basis [2]. - Feed companies, accustomed to stockpiling, are experiencing a dilemma: the value of corn inventory established at high prices has plummeted, while the profits from downstream livestock operations are under pressure, squeezing operational margins [2][11]. - Companies like A Enterprise, which procures nearly 200,000 tons of raw materials annually, are struggling with high production costs from previously locked-in prices, even as downstream profits improve [4][11]. Group 2: Risk Management Strategies - A Enterprise has signed contracts for 2,000 tons of corn, locking in prices despite the risk of price declines before the inventory is received [5]. - The company employs a futures hedging strategy to manage price risks, establishing short positions in the corn futures market to offset exposure [6][10]. - By April 2025, the basis for the corn futures contract had expanded, allowing A Enterprise to benefit from the hedging strategy, ultimately saving over 300,000 yuan in procurement costs [8][10]. Group 3: Strategic Upgrades - The raw material inventory hedging strategy not only addresses risk management needs but also supports stable operations and business model upgrades for A Enterprise [10]. - The hedging approach allows A Enterprise to build sufficient inventory based on production plans, mitigating the risks associated with price fluctuations and inventory management [11]. - By transforming absolute price risks into relative basis risks, A Enterprise can strategically increase trade inventory and capitalize on favorable market conditions, thereby enhancing operational profits and establishing a competitive edge in the industry [12].