China's long-awaited live hog futures contract is almost ready, offering a vital hedging tool for the world's largest pork industry, which has been roiled by an African swine fever outbreak that devastated herds and sent pork prices soaring.
The contract is in line with the normal trade size of China’s domestic spot market, a DCE representative said in written replies to Reuters, adding that it can meet the hedging demands of most live hog breeders, traders, and upstream and downstream enterprises.
The contract’s large size will also limit the participation of China’s army of retail speculators, who have dominated positions in other futures contracts. Several hog producers have submitted applications to DCE for delivery warehouse approval, two producers and one consultant told Reuters. They are also assembling trading teams, conducting market research and consulting external experts.
The DCE representative said the exchange has began inspecting and simulating delivery for selected warehouses, and that many large-scale hog producers have submitted applications for delivery warehouses.
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