期货市场在粮价发现中的作用

Function of Futures Market in Grain Price Discovery

在粮食、食用油脂等品种已开展期货交易的现代市场体系下，期货市场价格发现和规避功能无疑为国家宏观调控提供了新的窗口。 国内农产品期货市场反映了现货市场价格与国际市场价格趋势 1．国内农产品期货价格反映了现货市场又超前于现货市场。经过多年的发展，目前大连商品交易所玉米、大豆、豆油等期货品种运行趋于成熟，价格发现功能发挥充分，成为相关品种国内市场价格形成中心，与现货市场联系密切。总体来看，玉米、大豆、豆油等农产品期货价格反映着现货市场又超前于现货市场。

For some reasons, this round of price hike is pushed by price escalations in staple products, especially the price rise in the grain, edible oil and pork since second-half 2007. Under the modern market system of futures transactions in categories of grain and edible oil, the function of price discovery and evasion in futures market would undoubtedly afford a new window in the macro-regulation and a new thinking in ＂seizing the rhythm, focus and intensity of macro-adjustment＂.