Pig futures is the first futures product in China to trade and deliver live pigs. Based on the principle of "combining spot, exploring experience, steadily advancing and strictly controlling risks", Dashang Institute has designed a live pig futures delivery system with full reference to spot trading methods and combining futures concepts and risk management measures. In recent years, the scale, standardization and standardization of pig breeding industry in China have been continuously improved. Large enterprises generally implement unified management in five aspects: varieties, feed, veterinary drugs, technical services and sales, so as to standardize pig breeding process and slaughter quality and lay a good spot foundation for spot delivery of pig futures.
According to the rules, live pig futures are suitable for futures to spot (hereinafter referred to as spot exchange), daily selective delivery and one-time delivery. In terms of cash conversion, only non-standard warehouse receipt period is allowed for cash conversion of live pig futures, and the period is from the listing date of the contract to the fourth trading day (including that day) before the last trading day. Daily delivery can choose standard warehouse receipt delivery or pallet delivery. Seller's customers who hold standard warehouse receipts and one-way selling positions in the delivery month take the initiative to apply for standard warehouse receipts delivery, or seller's customers who hold one-way selling positions in the delivery month apply for pallet delivery. With the approval of the Exchange, the Exchange will organize buyers and sellers to match and complete the delivery within the specified time. It should be noted that only standard warehouse receipts are allowed for one-time delivery.
The subject matter of pig futures is lean pig, which refers to the pig variety characterized by producing lean meat. See the national standard GB/T32759-20 16 for details. The delivery unit of the live pig futures contract is 16 tons, and the standard warehouse receipt is the standard warehouse receipt of the factory warehouse. In the process of pig futures delivery, we should fully abide by the Animal Epidemic Prevention Law, the Rules for Quarantine of Pig Origin and other relevant laws and regulations to ensure that the delivery process meets the national requirements. The quality standard of pig futures delivery mainly includes appearance and weight index, in which the weight index is divided into average weight and unit weight, and corresponding quality improvement and discount are formulated according to different standards of appearance, average weight and unit weight. In terms of appearance index, the pig futures standard should have the body appearance of lean pigs, walk naturally, have no hernia, have no pustules or lumps on the body surface, and have no abnormal wheezing characteristics; In terms of body mass index, the average weight of standard pig futures varieties is between 100 ~ 120kg, and the weight of single pig is between 90 ~ 140kg. The quality premium of pig futures delivery is mainly designed with reference to the spot trading habits of pigs, and the price difference of pork grade after slaughter in slaughterhouse is considered. After comprehensive consideration and full investigation, the premium of delivery quality standard is finally determined.
In order to ensure that the delivered live pigs meet the quality requirements, the large commercial institute will incorporate the quality standards of live pigs that need subjective judgment into the management requirements of the delivery warehouse. First, the enterprise pigs that meet a certain scale standard can participate in the delivery (the total inventory of the pig futures group warehouse should be above 65,438+10,000 heads, the group warehouse inventory should be above 25,000 heads, and the non-group warehouse inventory should be above 50,000 heads); Second, the pigs required for delivery are lean commercial pigs. In order to monitor the quality, the exchange will continue to track the back fat thickness and meat yield after slaughter; Third, it is required that the delivered pigs go through food control for at least 6 hours to reduce losses during transportation; Fourth, the delivery warehouse is required to have the ability to detect African swine fever and reduce the risk of epidemic situation; In addition, the delivery warehouse also needs to provide information on partners such as slaughter, trade and logistics, so as to facilitate the buyer to sell or slaughter pigs on the spot after receiving them.
At present, the pig futures delivery warehouses are distributed in Henan, Jiangsu, Shandong, Anhui, Hubei, Zhejiang and other places, all of which are large-scale farms, and the specific delivery points are set in the slaughter link of the farms. The on-site delivery process of physical delivery of live pig futures is basically close to spot trade. After entering the delivery, the Chamber of Commerce will match the buyers and sellers according to the rules. Before matching, the seller will inform the delivery warehouse to prepare for delivery, and the buyer will contact the delivery warehouse in advance according to the rules to determine the transportation destination, provide the materials needed to issue the animal quarantine certificate, and make on-site delivery. During on-site delivery, the buyer needs to send a car to the decontamination point of the delivery warehouse for non-epidemic detection, decontamination and isolation. After the decontamination is qualified, pigs can be loaded and delivered at the designated place. Under the witness of the quality inspection agency, qualified pigs are transported from the pigsty to the pig loading point by the farm for weighing and loading. After loading, the farm will hand over the animal quarantine certificate to the buyer, and the on-site delivery will be completed. In the process of weighing, the buyer may put forward inspection requirements for the appearance or weight of a single pig.
In order to ensure the buyer's smooth delivery, Dashang has provided the contact information of pig traders, logistics enterprises and slaughtering enterprises recommended by various delivery warehouses in official website (for details, please visit the website of Dalian Commodity Exchange www.dce.com.cn "Home >: Business/Service" for relevant information. Buyers can also download the "Mobile Delivery App" from the home page of Dashang official website Branch, feed back the quality and delivery service of slaughtered pigs online, and find the downstream consignee on the off-site platform provided by the exchange.