The Research On Domestic Future Market Serving To Beans Industry

With the soybean products and consumer being more in China, the gap between supply anddemand is increasing because of the domestic soybean market share is prevailing with the impactof the import soybean. And the domestic soybean industry chain has been controlled by theInternational Grain Enterprises. In the context of global financial development， the commoditypricing model has been changed. The developed countries have set the center of commoditiesand asset pricing through the development of the agricultural futures market,and controlled thecommodity price. It is essential to study domestic future market to promote legumes industrycompetitiveness.Through the multivariate GARCH model and variance decomposition model, this paperanalyzes the price fluctuation of international future market，domestic future market and presentprice fluctuations, this result shows CBOT future price have obvious effect on DCE future price,on the contrary the effect is not obvious.The influence of DCE future price to the present price isnot significant, the price discovery function is weak. The domestic commodity present price isindependent and has effect on DCE future price. The essay analyzes the different risks of thesoybean industry chain from futures perspective，and then summarizes the mode of futurescompany legumes industry chain. Improving the domestic futures market of agriculturalproducts，increasing in new varieties of futures product, enhancing the enterprise insuranceconsciousness, making use of the futures company’s service function will change the currentpulses of the difficulties faced by enterprises, to promote our country’s soybeans industrialdeveloping healthily and continuously.