Domestic oil companies fall into total loss

Introduction: in recent years, the capacity of Chinese oil companies has expanded rapidly When the domestic follow-up industry has only 27 million tons of demand, the industry's crushing capacity has reached more than 60 million tons, while the domestic soybean has only 16.5 million tons, so the domestic enterprises must import a large number of soybeans This contradiction of excess processing capacity but shortage of raw materials finally intensified this year and led to a total loss of oil companies In the past, the price of soybean, soybean meal and soybean oil has been rising Even if the high price soybean is imported, the oil companies can transfer the risk to the follow-up feed companies and breeding terminals, because the oil companies in the industrial chain belong to a strong group But after the Spring Festival this year, as soon as oil companies ordered a large number of high priced foreign soybeans, prices at home and abroad began to plummet The outbreak of avian influenza on a large scale reduced consumption The state's macro-control even strained the capital chain of enterprises The continuous sluggish consumption caused enterprises to have a large amount of inventory The shortage of capital forced many enterprises to default with foreign soybean suppliers In recent months, Every ton of soybean squeezed by oil companies will produce a loss of about 500 yuan Obviously, in recent years, the high-speed growth of the oil industry has been faced with a reshuffle pattern According to the statistics of the customs, the private enterprises, which account for half of the soybean crushing, have lost more than 1 billion yuan in recent months Although the loss of large-scale coastal wholly-owned joint ventures is about 500 million yuan, they used different markets to carry out hedging operations and adjust production plans and sales plans in time, Now we have got rid of the dilemma In the future, according to the current soybean purchase cost and the soybean meal and soybean oil sales price, there is a certain profit margin Because most of the state-owned enterprises use domestic soybean crushing, the cost is relatively low, so the loss is the least In the future, how should domestic oil companies get out of the dilemma? First of all, it is imperative to establish influential industry associations At present, the soybean industry association is only one of more than 50 branches of China's chamber of Commerce for import and export of agricultural products It has no independence and authority, and this crisis has not been able to play a more important role Therefore, we should establish representative industry associations with enterprises as the main body as soon as possible, improve industry self-discipline mechanism, increase information communication and exchange within and outside the industry, improve market sensitivity and judgment, and enhance the ability to resist market crisis together The Soybean Association calls on the government and enterprises to gradually establish a communication mechanism, especially when the government makes major decisions on the industry, it should widely listen to the opinions of the association and enterprises, and improve the government's management of imported soybeans, so as to avoid often being controlled by others and paying a heavy price In the future, the association can also coordinate enterprises to unite with the outside world, uniformly purchase by bidding in batches, and increase the right of dialogue with multinational companies Secondly, different types of enterprises should study their own hedging schemes A successful hedging operation can not only avoid the price fluctuation risk faced by the enterprise, but also help the enterprise to establish a comprehensive and timely information system In the future, the production plan of the enterprise will be more detailed, the operation means will be more flexible, and the way of profit will be more extensive At present, most enterprises are faced with two difficulties when they carry out portfolio hedging and arbitrage operations in different markets and varieties First, there are restrictions on hedging operations in foreign procurement by laws and regulations, and only a few state-owned enterprises can participate in overseas hedging On the other hand, there are too few varieties available to participate in hedging in China At present, Dalian Commodity Exchange only has yellow soybean No.1 contract and soybean meal contract Imported soybeans can not be delivered, while soybean oil varieties are not available Enterprises can not operate in futures market to completely avoid risks Finally, oil companies should actively introduce advanced management concepts and models, adjust their strategies, and make themselves strong quickly to cope with the international competition after entering WTO.