The evening of the 15th, the Securities and Futures Commission approved Zheng Shangshang to carry out peanut futures trading, listing time for February 1, the domestic oilseeds and oilseeds market is a jubilation. As China's important oilseed crops, peanuts have long been into the thousands of households, its listing and trading, both upstream and downstream can get rid of the current chaotic pricing state, but also for the majority of enterprises and farmers to provide a powerful risk management tools. So how much do you know about peanuts and the industrial story behind them?
"Peanut futures listing, on the one hand, can help planting farmers and related enterprises to realize stable operation, guide the transformation and upgrading of the peanut industry; on the other hand, the listing of peanut futures can grow the scale of agricultural products futures varieties, and is conducive to the expansion of futures market services to the real economy of the field." Zheng Shangshang relevant person in charge said.
China is the world's largest main producer of peanuts, with the planting area and production ranking first in the world. According to the National Bureau of Statistics, in 2019 China's total peanut output of 12.15 million tons, the total output value of about 91.13 billion yuan. Due to the high comparative returns of peanut cultivation, China's peanut planting area and output have been on a steady upward trend in recent years, and peanut cultivation has become an important source of income for most farmers in the main producing areas.
Peanuts are fully marketable varieties. Since 2014, domestic peanut prices have shown a fluctuating trend, farmers and industrial management subjects face greater price risk, the urgent need for price risk management tools. In addition, peanut as China's important oil crops to ensure China's oil oil oil security has an important strategic significance, in the frequent fluctuations in the price of the front, but also in urgent need of management of price risk, stabilize the production and operation of the financial tools.
"Peanut futures listing is not only in line with the national policy of supporting and benefiting agriculture, but also conducive to the implementation of the national guarantee of the security of the supply of fats and oils of the strategic policy of the peanut industry has a positive significance." Zhengzhou Commodity Exchange relevant person in charge of the grain and oil market newspaper reporter.
China is a peanut production and marketing country
I am a humble man. But with four coppers of fallen peanuts in my pocket, eating them as I walk, I'm beginning to feel prouder than Qin Shi Huang. Suppose someone asked me, "How would you enjoy it if you were an emperor?" Simply without having to think about it, I would answer, "Send four ministers with two dollars of copper to buy as many peanuts as they like to eat!" This passage for the peanut description, from Mr. Lao She creation of prose works "falling peanuts", will be able to casually eat peanuts compared to the enjoyment of being the emperor.
Peanuts are an important cash crop and oil crops in China, also known as "peanuts" or "fruit". In China's major oil crops, peanut planting area ranked third, second only to soybean and canola. Related data show that in 2020, China's peanut planting area of 6.9 million mu, accounting for 18.36% of the total planting area of the five major domestic oil crops. China is the world's largest main producer of peanuts, with the planting area and production ranking first in the world. According to the National Bureau of Statistics, in 2019, China's total peanut output was 12.15 million tons, with a total value of about 91.13 billion yuan. Due to the high comparative returns of peanut cultivation, China's peanut planting area and output have been on a steady upward trend in recent years, and peanut cultivation has become an important source of income for most farmers in the main producing areas.
China's peanut planting is widely distributed, in addition to Tibet, Qinghai, Hong Kong and other places, all over the country are planted. However, the provinces in the peanut production of factor endowment, technical level, infrastructure, industrial policy and other aspects of the differences are significant. Influenced by the above factors, China's peanut production pattern is also changing, has not yet formed the corresponding advantageous regions and industrial zones. At present, China's peanut planting is mainly distributed in central China, east China, south China and north China. Specifically to the provinces, more concentrated distribution in Shandong, Henan, Hebei, Jiangsu, Anhui, Guangxi, Liaoning, Sichuan, Hubei, Guangdong, Fujian and so on. Among them, Henan and Shandong are China's two largest peanut planting provinces, planting area accounted for 26.04% and 15.05% respectively.
Henan and Shandong are the two provinces with the largest peanut production in China. China's peanut planting is mainly concentrated in the Yellow and Huaihai Seas, Yangtze River Basin and Northeast China, mainly in Henan, Shandong, Jilin, Hebei, Guangdong, Hubei, Liaoning, Anhui, Sichuan, Guangxi and other provinces and regions, and the combined output of peanuts in the above 10 provinces accounts for more than 90% of the total national output.
Sub-provincial view, Henan and Shandong for China's top two major peanut-producing provinces. Data from the National Grain and Oil Information Center show that the peanut output of the above two provinces in 2019 will be 3.71 million tons and 2.2 million tons respectively, accounting for about 48.7% of the national total.
It is reported that China is a large country of peanut production and marketing, importing countries are mainly concentrated in Africa, in recent years, due to the international price of peanuts is much lower than the domestic, peanut imports continue to climb, 2020 January to July peanut imports accumulated as high as 622,900 tons, far more than the level of imports in previous years, which from Senegal and the Sudan two countries accounted for 87% of imports. Exports are concentrated in Europe and Japan, about 100,000 tons per year. By peanut prices continue to improve, planting increasing returns, peanut production in recent years has shown three major features: sowing area slowly increased, the level of yields continue to improve, the total output growth trend.
"With the development of the economy and social progress, China's peanut consumption will show the following trends of change: First, with the improvement of the standard of living of the population and the level of urbanization, peanut consumption demand will grow; Second, with the gradual increase in the residents of food safety, green health standards, the quality of peanuts, the requirements of the peanut quality will also tend to be strict. " A long-term study of the peanut market pointed out.
Small peanut plate out of the big industry
China's peanut industry market competition is more fully, the number of related enterprises, less policy intervention, high degree of marketization. China's peanut processing enterprises in large numbers, in Shandong and Henan key peanut production areas, almost every county has dozens of large-scale peanut processing enterprises, and individual self-employed type of small enterprises are countless.
But China's peanut industry in the rapid development of the peanut industry is also faced with "big but not strong, more than excellent, short industry chain, weak competitiveness" and other issues.
Zhengyang County, Zhumadian City, Henan Province, for more than 20 consecutive years, the first peanut planting county, planting peanuts more than 1.7 million acres, with an annual output of more than 500,000 tons, "the world look at China's peanuts, China's peanuts look at Zhengyang," the reputation. In recent years, Zhengyang County to develop the peanut industry as an important part of deepening the structural reform of the agricultural supply side, focusing on expanding the scale of planting, strong deep processing, forming a set of research and development, production, processing, international and domestic trade as one of the whole chain of industrial clusters.
Henan Academy of Agricultural Sciences expert Zhang Xinyou, the "peanut production to the scientific and technological wings" of the "peanut academician", with a sincere heart, in just a few years, has bred "far miscellaneous 9102 "" far miscellaneous 9307 "and other series of peanut varieties, not only effectively solve the soil problem, but also make up for the traditional varieties of "small white sand" poor disease resistance and other shortcomings, so that the peanut planting area in Zhengyang a down a The first is a "big leap forward".
Today, relying on this "very useful" quality, Zhengyang County, small peanuts into a large industry: the use of peanut straw, peanut shells to engage in the production of fodder and edible fungi planting, driven a lot of poor households in the county out of poverty and become rich; investment of billions of dollars in Junle Bao, Luhua, Jinlongyu and other dairy products and edible oil companies, have been in the The company has also invested billions of dollars in dairy products and edible oil enterprises, which have set up factories in Zhengyang.
Walking into the Zhengyang County peanut e-commerce service center, where you will find four functional areas including e-commerce O2O pavilion, e-commerce reception, e-commerce services, e-commerce training.
Shuangchuang Center for the peanut industry, "double" groups, in the livelihood, culture, education, public **** services, industry and other areas, to provide a set of office, life "one-stop" services, to "one The "two wings" incubation model (technology incubation + investment and financing + park support services) is the core, with government support and resource docking. Zhengyang Peanut Culture Exhibition Center is the first peanut-themed exhibition center in China, the exhibition hall covers an overall area of 2,000 square meters, the exhibition of peanuts and Zhengyang's historical development as the main line, *** divided into the prelude hall, the peanut hall, Zhengyang Hall, the center of the planning hall, peanut town hall, intelligent agriculture hall, the end of the hall of the seven major divisions. The inspection and testing center was established in September 2018, with a building area of more than 1,000 square meters and an investment of 15 million yuan, and the testing program contains conventional physical and chemical testing, microbiological testing, metal and pollutant testing, aflatoxin testing, pesticide residue testing, labeling and so on.
"Set peanut processing, futures delivery, peanut testing, peanut trading in one of the zhengyang international peanut industrial park, but also China's only peanut as the leading industry of the national modern agricultural industrial park." Zhumadian City, vice chairman of the CPPCC, zhengyang county party secretary LiuYanLi introduction, at present the national more than 2000 peanut enterprise quotes are from zhengyang, the formation of zhengyang peanut price center, coupled with the newly set up zhengyang Bohai peanut trading center, to further highlight the influence of zhengyang peanut. In the next step, Zhengyang will also build a dream factory, cultural park, sightseeing park, museum, etc., themed on the peanut industry, to build an all-round peanut industry chain.
In Tongbai County, Henan Province, Maoji Town, Mao Zhai village party branch secretary Guo Changsong said happily to reporters: "Before we planted peanut prices are not guaranteed, the heart is not bottomless, in the future there is a peanut futures, we like to eat the 'pill', planting peanuts more confident. " Maoji Township is a traditional peanut planting area, the people are planted peanuts, perennial 17 million acres. The reporter walked into a farmer's home, saw more than 100 bags of peanut fruits piled up on the ground, when the reporter asked the farmer when to sell, the farmer said his own voice: "want to wait for the price to be a little higher again." "Tongbai County peanut planting area basically stabilized at about 340,000 acres, Tongbai County based on the advantages of peanut planting, fully tapping the peanut 'source of living water' role, peanuts have become the main crop of farmers to increase their income, peanut planting industry has been helping the county to fight poverty." Tongbai County Standing Committee, deputy county magistrate Wang Lei said.
The reporter learned in the interview that China's peanut industry chain is mainly divided into three links, respectively, the upstream planting, midstream trade and processing, downstream sales and end consumption.
The main body of the upstream peanut industry chain consists of peanut farmers and agricultural cooperatives around the world, mainly engaged in peanut planting, harvesting and drying. The upstream of peanut industry chain determines the quantity and quality of peanut supply.
The main body of the middle reaches of the peanut industry chain mainly consists of peanut traders, peanut processing enterprises and peanut exporters around the world. Due to the peanut sorting and trade entry threshold is not high, mainly small and medium-sized traders, traders will be sorted peanuts, and then sold to large and medium-sized peanut processing enterprises or export enterprises.
The downstream main body of the peanut industry chain, mainly composed of distributors, supermarkets, e-commerce, wholesale markets, farmers' markets and end consumers, is responsible for the marketing of peanut products. At present, domestic peanut processing enterprises, in addition to self-operated sales products, generally through dealers to enter the superstores, wholesale markets and farmers' markets for sales.
The market is "eagerly awaiting" peanut futures
National peanut production in 2019 was about 12.15 million tons, with an output value of about 91 billion yuan, and a large peanut spot. According to the peanut futures delivery requirements and mapping inspection data, the natural circulation to meet the futures delivery requirements of peanuts up to 76%, corresponding to the spot size of 9.23 million tons, the output value of 69.23 billion yuan, the amount available for delivery is more than sufficient, fully able to meet the demand for futures delivery.
"Peanut spot market warehousing, processing, logistics system is complete, developed infrastructure, enterprises involved in the main body of a large number of active trade, to carry out futures trading laid a good foundation for the spot customer base, but also for the implementation of the futures market in-kind delivery to create convenient conditions." Zheng Shangshang relevant person in charge pointed out.
It is understood that peanut futures is a new attempt to serve the real economy of Zheng Shangshi, but also Zheng Shangshi to carry out market innovation work is an important initiative. Peanut as one of the major cash crops, the use of a wider range, in the oil crushing and food processing industry occupies an important position. Peanut futures listing, on the one hand, can help planting farmers and related enterprises to realize stable operation, guide the transformation and upgrading of the peanut industry; on the other hand, the listing of peanut futures can grow the scale of agricultural products futures varieties, and is conducive to expanding the futures market to serve the real economy.
Peanut spot offer is a discontinuous offer, long time interval, low frequency, price sensitivity is poor. In addition, the peanut spot price is based on past transactions to form the price, can not reflect the future market supply and demand situation and price trends, the guiding role of future production is weak, very easy to appear "cobweb effect". 2006 to the present, peanut experienced two rounds of cyclical more significant ups and downs market, the price and yield of the The "spiderweb effect" is more significant, bringing great risks and losses to farmers and enterprises.
Price risk is a topic that peanut industry practitioners cannot avoid. In Zhengyang County, a number of years engaged in the peanut trade manager Zhang told reporters that the price of peanuts is unpredictable, sometimes the price of a day from morning to night there will be three offers, peanut rice in the morning 4 yuan / catty, 4.5 yuan / catty at noon, and at night to 5 yuan / catty, so that people are elusive. It is understood that he daily to large peanut processing enterprises to buy peanut rice up to 600 tons, up to 200,000 tons a year, bear a great price risk.
"Financial instruments to help the entity enterprise risk management role is increasing, the listing of peanut futures is bound to accelerate the industry's integration efforts. Enterprises in the new situation should be fully aware of the two major functions of the futures market price discovery and hedging, but also hope that the futures market can help enterprises to use peanut futures to do a good job of enterprise risk management, thus helping enterprises accurately grasp the future direction of industry development." Zhengyang County, vice mayor Liu Yepeng said.
In Zhengyang County, included in the planning and soon to be built Zhengyang antique commercial street, covering a total area of 72.5 acres, with a total investment of about 500 million yuan, the project is planned to have a national culture park, peanut boutique hotel, peanut food cultural and creative park and Donglou Road antique peanut commercial street, is a collection of national wind study, peanut food cultural and creative park, boutique hotel, ancient street lodging, specialty food and beverage, intelligent agriculture and trade, etc., as a large commercial Complex.
Zhengyang Xindi Peanut Group Chairman Li Guanghai said with confidence: "Peanut World project is completed, and ultimately realize the 'three-in-one' 'three-product fusion' of peanut characteristics of the town and income doubling The vision of the 'one million' program." When it comes to peanut futures will soon be listed, Li Guanghai immediately took the position that the enterprise must actively participate in the futures market, after participating in the futures market, you can use the hedging function of futures to solve the risk of peanut planting end, with the guarantee of this financial tool, the company's industrial chain will be more complete.
An industry authority believes that financial instruments to help the entity enterprise risk management role is increasing, the future listing of peanut futures is bound to accelerate the industry's integration efforts. In addition, the listing of peanut futures is a great thing for the stable development of the national peanut industry. On the one hand, the upstream planting side can reasonably adjust the planting structure according to the futures price and control the peanut sales rhythm, and the midstream traders and downstream crushing enterprises can reduce the purchasing cost and lock the sales profit through the futures tool, and at the same time, it also adds a spot purchasing and selling channel. On the other hand, it can lead the transformation and upgrading of agriculture, and realize the risk management of price fluctuation and the guarantee of spot purchase and sale through the order agriculture and base difference purchase.
Qiu Tao, general manager of Yuxin Investment, said that after the listing of peanut futures, with the further development of the futures business, peanut warehouse receipts business will make the spot peanut with strong financial attributes, can be well carried out warehouse receipts related business, not only to protect the spot price risk management, but also to increase the purchasing and marketing channels, the enterprise revitalization of the spot assets, increasing the financing channels. Peanut futures listed, traders can peanut futures hedging, point price, arbitrage and other functions to manage the risk of price fluctuations in the spot market. Moreover, the current "insurance + futures", "futures + orders", "insurance + options" and other modes widely carried out in other agricultural fields can also enrich the ways and means of peanut enterprises to hedge risks. The company's strategy is to provide the peanut enterprises with the means to hedge their risks.
"Peanut futures are a new attempt by the Zhengzhou Chamber of Commerce to serve the real economy, and an important initiative for the Chamber to carry out market innovation. As one of the major cash crops, peanut has a wide range of uses and occupies an important position in the oil and fat crushing and food processing industries. Peanut futures listing, on the one hand, can help planting farmers and related enterprises to realize stable operation, guide the transformation and upgrading of the peanut industry; on the other hand, peanut futures listing can grow the scale of agricultural futures varieties, is conducive to expanding the futures market to serve the real economy." Zheng Shangzhi relevant person in charge of the final said.