期货稳储，粮仓无忧——郑商所“商储无忧”护航化肥储备，期货力量筑牢粮食安全根基

Core Insights - The introduction of urea futures and options in China has provided a dual insurance mechanism for the agricultural sector, enhancing risk management for both storage enterprises and farmers [1][2][6] - The "Worry-Free Commercial Storage" project has significantly improved the stability of urea prices and supply, benefiting both large enterprises and small businesses in the agricultural and industrial sectors [1][5][10] Group 1: Urea Futures and Options - Urea futures were launched on August 9, 2019, followed by urea options on October 20, 2023, marking a significant development in China's agricultural finance [1] - The average annual price fluctuation of urea from 2020 to 2024 is projected to exceed 40%, indicating high volatility in the market [2] Group 2: "Worry-Free Commercial Storage" Project - The "Worry-Free Commercial Storage" project was initiated in early 2021 to support enterprises in managing risks associated with urea storage and price fluctuations [1][6] - By 2023, the project has included 495 million tons of urea and 52 leading enterprises across 23 provinces, enhancing the financial tools available for urea storage [1][11] Group 3: Impact on Enterprises - Large enterprises, such as Sichuan Fertilizer, have integrated futures tools into their entire operational process, significantly reducing operational risks and improving inventory management [3][10] - Small and medium-sized enterprises have also benefited from futures trading, with one plastic products factory reporting a 3% reduction in procurement costs through futures contracts [4][5] Group 4: Government Support and Recognition - The project has received strong recognition from the national government, with policies encouraging the use of futures for risk management in agricultural storage [8][10] - The number of participating enterprises in the "Worry-Free Commercial Storage" project has expanded from 5 to 53, covering 23 provinces and significantly increasing the volume of urea managed [11][12] Group 5: Future Developments - The Zhengzhou Commodity Exchange plans to extend its services to more sectors, including new energy and fine chemicals, to further support small and medium enterprises in utilizing futures markets [15]