小麦期货

为了减少短期趋势的影响，作者使用Chen和Peters提出的方法去除小麦期货价格和成交量的短期趋势。

In order to reduce the influence of short-term trend , the author uses the methods putting out by Chen and Peters to eliminate wheat futures price and volume of short-term trend .

芝加哥期货交易所（CBOT）十二月小麦期货合约价格昨日上涨18？美分，至每蒲式耳9.51？美元，本周累计上涨8.8%。

CBOT December wheat rose 18 ? cents to $ 9.51 ? a bushel yesterday , gaining 8.8 per cent this week .

芝加哥期货交易所（chicagoboardoftrade）12月交货的小麦期货价格本周二小幅上涨，至每蒲式耳7.30美元。

Futures for December delivery were slightly higher at $ 7.30 a bushel on the Chicago Board of trade on Tuesday .

Granger因果检验模型得出大豆和玉米期货市场、现货市场价格存在格兰杰双向引导关系，只有小麦期货合约仅存在从期货价格到现货价格的单向格兰杰因果关系。

Soybean and corn futures market , spot market prices Granger two-way causal relationship exists , only the wheat futures contract exists only the spot price from the futures prices to a one-way Granger causality .

第三章对农产品期货市场价格发现功能进行了实证研究，用VAR模型、Johansen协整检验、误差修正模型等实证分析了大豆、小麦期货合约的功能发挥情况。

Chapter III of the agricultural futures market price discovery function of the empirical research , using VAR model , Johansen cointegration test , error correction model and other empirical analysis of the soybean and wheat futures contracts Functioning .

通过中美小麦期货价格的直接对比，价格收益的对比，运用了GARCH（1,1）模型研究了波动的特征，验证了中国小麦期货市场还不够成熟。

The Sino-US wheat future price and the return of price was compared , using the GARCH ( 1,1 ) model , and also the characteristic of the volatility were studied , and the results showed that the Chinese wheat futures market isn 't reach the week efficient .

大多数小麦期货合约收益率序列存在内部非线性结构，但是不存在自相关。

Most wheat futures contracts yield sequences are not auto correlate .

小麦期货由于新的买盘进入，期价急剧上涨。

Wheat futures closed sharply higher on new fund buying .

单个小麦期货合约的收益率不服从正态分布。

Single wheat futures contracts ' yields also do not obey normal distribution .

小麦期货收益时间序列分析

An Analysis of Time Series of Wheat Futures Reward

郑州商品交易所小麦期货交割方式创新研究

The Innovation Study of the Wheat Futures Delivery Manner of Zhengzhou Commodity Exchange

中国小麦期货市场效率的协整检验

A Cointegration Test for China Wheat Futures Market Efficiency

上周，9月小麦期货价格出现了2008年以来的最大涨幅。

Last week , September wheat futures showed the steepest increase since 2008 .

芝加哥期货交易所三月小麦期货合约创下每蒲式耳9.53美元的历史纪录。

The CBOT March contract hit $ 9.53 a bushel , a record .

小麦期货市场缺乏效率，这可能应当归因于期货市场发展尚不成熟以及投机过度。

The futures market for wheat is inefficient , which may be caused by over-speculation .

小麦期货交割方式选择是期货交割管理中最重要的内容之一。

Which manner to choose is the most important content of wheat futures delivery management .

本文借助协整检验等分析了小麦期货价格和现货价格之间的关系。

The paper also analyzes the co-integration test wheat futures prices and the relationship between the spot price .

小麦期货交割方式设计的科学性、合理性如何，直接关系到整个小麦期货交易是否能够健康、平稳地运行，关系到小麦期货市场功能发挥的有效性。

How reasonable the manner device of delivery is directly affects the wheat futures markets ' function and efficiency .

但是目前对小麦期货市场运行是否有效这一问题，国内学者尚未形成一致意见。

However , the domestic scholars have not reached agreement on whether the wheat futures market is efficient or not .

对比研究表明：效率高的美国小麦期货市场，价格收益率的波动持续性强，更好的发挥了期货市场转移风险的功能。

It is also indicate through comparison that US wheat futures market was more efficient and had strong volatility persistence .

小麦期货看到了新的上涨趋势，玉米和大豆的趋势也暗示了上探新高的可能。

Wheat saw new highs for the move , and the action in corn and soybeans suggests a test of their highs .

受现货市场的制约，小麦期货市场价格发现功能有效性与无偏性存在矛盾。

Restricted by cash market , the conflict exists between the efficiency and the unbiasbility of the wheat futures market price discovery function .

作为小麦期货市场联系现货市场的纽带，小麦期货交割是期货交易过程中一个十分重要的环节。

As the links between wheat futures and actual markets , the sector of delivery is very important in the whole trading process .

美国小麦期货价格也大幅上涨，自6月中旬以来累计上涨逾80%，为近40年来最凌厉的涨势。

US wheat futures also jumped and are up more than 80 per cent since mid-June , the fastest rally in nearly 40 years .

2008年3月交割的芝加哥小麦期货上涨至每蒲式耳9.29美元，接近今夏9.61美元的历史高位。

Chicago wheat futures for March 2008 delivery rose to $ 9.29 a bushel , just short of last summer 's all-time high of $ 9.61 .

第五部分是商品期货市场非正常价格风险典型案例，分别介绍郑州小麦期货和上海橡胶期货风险案例。

At last the part gives two cases on abnormal price risk , which are about the Zhengzhou Wheat Futures Market and Shanghai Rubber Futures Market .

研究结果显示：我国小麦期货价格与现货价格存在长期均衡关系，但是小麦期货市场的价格发现功能很弱。

The research findings : the long-run equilibrium relationship between futures prices and the spot price , but the price discovery function of wheat futures market is very weak .

相比之下，受国家粮食价格政策等影响，小麦期货价格对现货价格所起的作用较小，小麦期货市场的价格发现功能也较弱。

By contrast , the futures prices of wheat play a slight role in the spot price , price finding function of forward market of wheat is also weak .

郑州小麦期货市场还需要进一步发展与完善，才能在我国粮改中发挥应有的作用。

For example , Zhengzhou wheat futures market , which was one of the largest wheat futures market , still needs further development to accelerate food system reform in China .

该基金本月上涨约2%，过去几天，通过在玉米及小麦期货市场的交易，它斩获了丰厚收益。

This month the fund is up about 2 per cent . The fund has made big gains from trades in corn and wheat futures markets in the past few days .