Research On Problems And Countermeasures Of Price Risk Management Of White Sugar Futures

With the rise of China’s futures market,agricultural futures provides a good tool for domestic agricultural products operating enterprises to hedge price risk.However,due to the limited development time of domestic futures market and the limited acceptance and utilization of futures,there are still many problems when enterprises use futures for price risk management.This thesis first introduces the relevant knowledge of futures based on the futures market system,various theories of price risk management,and the principles and types of hedging business.According to the current status of the sugar spot industry and the development status of performance sugar futures contracts,the delivery requirements and delivery warehouse planning of sugar futures are discussed,and 1466 sets of sugar futures spot information are used for comparison and verifies that the two prices have the consistency of fluctuation trend,that is,they have the characteristics of simultaneous rise and fall and high correlation.Secondly,combined with the actual case of B sugar enterprise carrying out price risk management business,it is found that the effect of B sugar enterprise carrying out price risk management business is not ideal.It is found that there are the following problems: B sugar enterprise does not have a complete trading team and there is only one person in the whole futures department.In the normal process of futures business,especially for an enterprise,It is difficult for a person to improve,including R & D,risk control,trading and other work.Second,the coordination among the futures department,sales department and Finance Department of B sugar enterprise is not close enough,and it is basically in the state of independent operation of independent departments.It does not combine the sales plan of the sales department with the operation of the futures department,nor does it combine the financial system of the finance department with the risk control system of the futures department.Third,B sugar enterprise does not have a complete plan to carry out price risk management business.Fourth,the national language of the mode for enterprises to carry out price risk management business is too single.Only by referring to the rising water on the disk,the way to set the disk and then understand is only the final delivery.In this way,the function of futures price risk management has not been brought into full play,and the enterprise is relatively passive in the operation process.Fourth,the enterprise is not familiar with the futures related systems,which leads to the understanding of the position in advance during the operation,so that the hedging plan is not completed according to the planned time.Finally,in view of the problems existing in the price risk management business of B sugar enterprise,optimization suggestions are given: firstly,B sugar enterprise is suggested to build its own futures team and equip futures professionals from trading,risk control,R & D and so on.Secondly,it is pointed out that B sugar enterprise needs to improve the price risk management plan,set a reasonable target price,reasonably allocate the hedging proportion and optimize the position understanding method.Third,B sugar enterprises also need to be familiar with business rules,including margin system,warehouse restriction system,etc.At the same time,it is suggested that the exchange should reasonably plan the layout of the delivery warehouse,reasonably require the warehouse to reasonably configure the delivery warehouse,and solve the problem of tight delivery capacity of enterprises.