Mung bean futures

　　 Mung bean

Leguminous bean is an annual herb. In ancient times, it was called "spindle bean" and "tree bean". It is native to India and Myanmar. It is mainly produced in China, followed by India, Iran and Southeast Asia, and is cultivated in Africa, Europe and the United States. China's main production areas are in Henan, Hebei, Shandong, Anhui and other provinces, followed by Jiangsu, Sichuan, Shanxi, Shaanxi, Hubei, Guizhou and other provinces. The main root is undeveloped, the lateral root is slender and long, the stem height is 30-100 cm, and there are three types: upright, semi tendril and tendril. Butterfly flower, yellow. The pod is slender and cylindrical. The seeds are green, yellow, brown and black. Mung bean is a short day crop and is insensitive to light. The growth period is short, 60~90 days. High temperature is required, and sunny and dry weather is preferred in the mature period of podding. Closed pollination. It is drought resistant, barren resistant, slightly acidic and alkaline resistant, and afraid of waterlogging. Can be made alone or with Corn , sorghum cotton , sweet potato, etc. It can be planted in spring or summer in the north and south of China. The pods mature inconsistently and the seeds have no dormancy period, so they should be harvested in time. The main pests and diseases are leaf spot disease, powdery mildew and mungbean weevil. Mung beans are rich in protein, vitamin B, C and P. They can be used as staple food, cakes, vermicelli and wine making; It can also be used as vegetable and medicine. The stems and leaves can be used as green manure.

　　 Mung bean futures

The development of mung bean futures in China:

In 1993, Zhengzhou Commodity Exchange launched mung bean futures trading, which is one of the first listed futures in China.

In 1998, the annual trading volume of mungbean reached a record high of 52.765 million hands, and from 1998 to 1999, mungbean accounted for more than half of the national futures trading volume at that time.

At the beginning of January 1999, its daily turnover reached a record of more than 700000 hands, and its position reached a maximum of more than 690000 hands.

At the end of 1999, the CSRC Wheat The futures trading margin was reduced from 10% to 5%, while the mung bean trading margin was increased from 5% to 20%.

At present, the total position and trading volume of its six contract varieties are zero, and their transactions have actually existed in name.

　　 Mung bean futures in China from glory to "euthanasia"

On May 28, 1993, China Zhengzhou Commodity Exchange successfully launched futures trading. Zhang Shiying, Vice Governor of Henan Province, made a speech at the ceremony. Li Chengyu, Vice Governor of Henan Province, rang the bell to open the market for the exchange soybean , mung bean and sesame were listed and traded, and there were about 1854 standardized deals on the same day, with a turnover of 14.34 million yuan.

On May 23, 1995, the China Securities Regulatory Commission issued a document approving the mung bean futures contract as a futures contract listed on the Zhengzhou Stock Exchange Soybean meal , sesame, cotton yarn, 425 ordinary silicate cement, 5mm colorless float glass, plywood futures contracts are trial run contracts. On the same day, the CSRC approved the trading rules of the Articles of Association of Zhengzhou Stock Exchange. On May 26, the fifth meeting of the first board of directors of Zhengzhou Stock Exchange was held. The meeting decided that the first board of directors would complete its mission.

On November 14, the Zhengzhou Stock Exchange issued an announcement to determine the total market position control line of mung bean contracts, that is, 200000 pieces of mung bean contracts on one side in each delivery month.

From January 11 to 13, 1999, due to the entry of a large number of speculative funds, the trading volume and positions of mungbean expanded sharply, and the highest positions in each month reached 696180. The 9905 and 9907 contracts also recorded the highest turnover in a single month, 354792 and 348032 respectively. Market risks have increased significantly.

On January 18, after an emergency meeting of the Board of Directors, it was decided that Zheng Shang had taken decisive measures to hedge all positions in 9903, 9905 and 9907, which were relatively risky. At the same time, the price range was expanded, and the proportion of contract margin in each month was unified to 10%, reversing the stalemate caused by market manipulation factors in the previous period.

On March 18, Zheng Merchants Exchange issued a notice to resume all day trading of mung bean contracts from March 22, 1999, and the trading time of other varieties remained unchanged.

On March 26, Zheng Shang Exchange issued a notice announcing the relevant regulations on the adjustment of mung bean packaging. Decides that from August 1, 1999, the warehouse receipts for 1999 mung beans will be implemented according to the new regulations; The warehouse receipt of mung beans produced in 1998 is still subject to the original provisions.

On November 26, Zhengshang Exchange sent the Notice on Adjusting the Proportion of Premium and Discount of Mung Bean Contract to the member units and the designated delivery warehouse; In order to control market risk, we issued Announcement No. 6 (1999), and notified all member units with ZZSJZ No. 66 (1999). Since November 29, 1991 (settlement on November 26), the trading margin for the long positions of members with more than 1000 (including 1000) mung bean varieties has been increased to 13%.

On December 2, in order to further control the trading risk of mungbean futures, Zheng Merchants Exchange sent a notice to all members and decided to increase the trading margin of all long positions of mungbean contracts to 15% from December 6, 1999 (settlement on December 3).

On January 8, 2003, Zheng Merchants Exchange did not receive the notice of adjusting the margin of mung bean futures. The relevant responsible person of Zhengzhou Commodity Exchange said that Zheng Merchants Exchange has not received the notice of adjusting the margin ratio of mung bean futures trading. In response to the recent rumors that Zheng Merchants Exchange will reduce the margin ratio of mung bean futures trading from the current 20% to 10% after the Spring Festival to activate the market of mung bean futures trading, the reporter interviewed the relevant person in charge of Zheng Merchants Exchange by telephone yesterday. The responsible person said that there had been many such rumors in the market before, but in fact, Zheng Merchants Exchange has not yet received documents on the adjustment of the trading margin of mung bean futures.

Industry insiders pointed out that the main reason why mung bean futures became the 12th "dead" variety was that mung bean futures were over hyped. Since Zhengzhou Commodity Exchange launched the mung bean futures contract, with the continuous activity of mung bean futures trading, the mung bean market has also been plagued. The "1.18 storm" in 1999 has become the highest peak of all previous mung bean storms.

The main sign of the withdrawal of mungbean from the futures market is that with the gradual increase of the trading margin, the mungbean trade gradually shrinks until the withdrawal from the futures market.

By constantly increasing the trading margin, mungbean futures can be relatively stable "happy to die", rather than "one step to death" in the way of "not opening new positions" like the suspension of some futures varieties in the past. This may lead to a long time for investors to completely liquidate their positions; However, the greatest benefit that may be brought is that the death process is "euthanasia", the degree of pain is relatively low, and the loss of investors is relatively low.