Analysis On The Impact Of US Soybean Futures Price On China 's Soybean Futures Price

China’s soybean futures market has experienced a very difficult and tortuous course of development since 1990 s.During 20 years of continuous exploration and learning, C hina has gradually established a relatively domestic futures market mechanisms. But for now, there is still some distance between China’s soybean futures market and the US futures market. In recent years, the number of C hina’s soybean imports has increased a lot. Foreign capital inflows into each link of soybean industrial chain, which the risk that the price of soybean futures in C hina may have abnormal fluctuations. In such a background,the research American soybean futures prices on the impact of C hina’s soybean futures prices have important theoretical and practical significance. This paper briefly introduces the theory of futures price formation and also the history and current development between the two countries of futures market. Secondly, using qualitative methods of analysis, analyze the impact from the United States to C hina’s Soybean futures market both from the direct and indirect aspect. The paper uses the unit root test, cointegration test, error correction model(ECM) method to analyze the impact of U.S. soybean futures prices of C hina’s soybean futures. The comprehensive results show that, the American government and market behavior can have a significant impact on China’s soybean futures market, the American CBO T soybean price fluctuations have a significant positive impact on China’s soybean prices DC E in the long term. Finally, the paper puts forward a series of policy suggestions for the development of both the C hinese soybean industry and the soybean futures market.