Evaluation of Domestic Broiler Leg Meat's Deliveries by Japanese Broiler Companies and Distributors and Price Reliability on the Japanese Broiler Futures Market

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概要

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• The domestic fresh broiler leg meat contracts begin trading on Kanmon Commodity Exchange in 1999. The broiler futures contracts would be the first futures trading as livestock in Japan. The main findings are four things: (1) Among six agricultural products (red beans, imported soybeans, corn, raw sugar, raw silk, dry cocoon) on the futures markets in Japan, total volumes of deliveries per year were 62, 612 contracts in 1990 and 30, 174 contracts in 1997. The ratios on the Japanese agricultural futures market (yearly volumes of deliveries/yearly volumes of trading) were 0.18% in 1990 and 0.07% in 1997. The volumes of deliveries would be estimated at less than 1% of the trading volumes in the broiler futures market on Kanmon Commodity Exchange. (2) Broiler products from the processing plants which slaughtered more than 0.3 million head per month could be acceptable for delivery against futures contracts. In case of the broiler plants which slaughtered 0.3 million head per month, the average coefficient of variation on the integrated income by selling broiler boneless leg & boneless breast meat at daily price was 7.57 (%/year) since 1990 to 1997. Even the slightest price fluctuation is of crucial concern in broiler industry where profit margins are measured in fractions of one yen, and a substantial change could spell catastrophe. The broiler slaughter plants' profits change by price fluctuation. (3) 51 Japanese broiler companies that slaughtered more than 0.3 million head per month in 1996 would be able to deliver boneless leg meat of Japanese domestic chicken on the broiler futures market. The ratio of their output to national distribution was 79.8% in 1996 and less than 9.92% of their output would be delivered on the broiler future markets. (4) 32 Japanese broiler distributors (first receivers) that dealt with more than 1, 000 tons per month in 1996 are supposed to accept boneless leg meat of Japanese domestic chicken on the broiler futures market. The ratio of their dealing amount to national distribution was 83.88% in 1996 and less than 9.42% of their dealing amount would be delivered on the broiler futures market. I suppose the broiler futures market prices on Kanmon Commodity Exchange would be reliable to Japanese broiler industry. This broiler futures trading on Kanmon Commodity Exchange would be a case study for the beef and pork futures trading in Japan.

• 公益社団法人 日本畜産学会の論文

公益社団法人 日本畜産学会 | 論文

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