Positive Analysis Of Soybean Meal Futures Price Forming Mechanism And Senses On Correlative Industry

With development of market internationalization after China entry into the WTO, enterprises of produce .circulation and process in industry chain of soybean and it's products face international competition involved in risk of price wave. Futures markets of soybean and soybean meal provide the approach of hedge to transfer risk for enterprises producing soybean and it's products. Soybean meal is a part of industry chain of soybean and it's products. So know price forming mechanism in futures markets of soybean meal is a key to evade risk of price wave for upriver and downriver industry.This thesis studies on soybean meal futures price forming mechanism in Dalian Commodity Exchange, exploring the key factors that impact on soybean meal futures price forming mechanism in Dalian Commodity Exchange, with positive analysis of soybean meal futures and merchandise on hand, soybean meal and soybean futures, soybean meal futures in Dalian Commodity Exchange and CBOT soybean meal futures through regression, relativity analyses and Granger causality test, with analysis of the statistic characters of soybean meal futures basis, price gap between near agreement and future agreement, price gap between soybean meal and soybean.Those studies make for know China soybean meal futures markets, providing the approach and reference value of hedge by soybean meal futures to avoid industry system risk and spread through times, breeds and markets for enterprises producing soybean and it's products. At the same time those make revelatory sense for soybean planting sector, soybean process sector, feed process sector and government macroscopically control.