| Maize plays an very important role in China's food production and consumption system. It not only provided grain ration,but also animal food such as meat eggs milk and aquatic through the conversion by animails. Meanwhile maize is also concernful material . though there were some fluctuation that insulted from the regime policy and climate, the increasing trend of its position is obvious. Maize production function estimated shows that sowing area has the most big production elasticity (0.86), and the technology progress is only 21.99%, far behind the 48% of the agri-comprehensive technology contribution of China . The restricted Nerlovian model of maize supply response that the price(divided by soybean price) has little influence on the sowing area, But the increace of sowing area last year is evident. The direct food consumption of maize is more than 15000 thousand tons, and the feeding part and the processing part is the main force of the increase of the total consumption . China is not only the important maize producing country , but also the consumption and trade. The analysis of the maize future price between the CBOT(Chicago Board of Trade) and DCE and between merchandise and futures indcates that the pricing function of DCE goes well, and it is highly consistent between the price of CBOT and DCE, so DCE can offer the enterprise that produce, consume and buy-sell maize a convient tool for hedging. But it also shows that CBOT can lead the waving of the DCE maize future price, meanwhile the DCE have no influence on the price of CBOT maize future price that means China is in the passive position to accept the price that US set. |
