Abstract

Futures market has deep rootswith agriculture，The world’s first futures exchange was derived from agricultural products. Experience of developed countries has showed that the futures market can escort the development of agriculture. There is nearly two decades since the introduction of futures trading system in China，Although there is some ups and downs，China’s futures market，especially the agricultural futures markets has been developed rapidly in recent years：a number of staple agricultural products listed，market transactions expanded，function played initially. But at the same time the underlying obstacles restricting development of market has not been fundamentally alleviated.

Producers of goods should be the basic participants in the market，however，there is always the question of producer absence in China’s agricultural futures market，that there is no farmers in this market，farmers can not benefit from the development of this market. This problem has been taken seriously at present. The first document of the central government in 2010 made it clear that “to encourage the producers using the futures market to avoid risk.” In fact，the farmers have a variety of ways to use futures markets：Direct participation，indirect participation through the “enterprise+farmer” or “cooperative+farmer”. Direct participation in futures market requires that farmers have a larger production scale；solid financial strength and a high level of knowledge，etc. While most farmers do not possess these conditions，Therefore，even in developed countries fewer farmers adopt the first form，most farmers are indirectly involved in the futures market with two other ways.

However，due to China’s special conditions，there are some obstacles for farmers to participate the futures market in these ways. An important feature of China’s agriculture is a small-scale decentralized management，the relevant intermediary organization developed. It is nearly impossible for our country’s small-scale farmers to directly involve in the futures market. The question of “enterprise + farmer” is high transaction costs；involved in the unequal status of enterprise and farmers，as well as a range of issues arising. Therefore，the farmers through the “enterprise + peasant household” are rare in the futures market in reality. Farmers through cooperatives in the futures market are more common abroad. Although in recent years，cooperative organizations of farmers have developed rapidly in China，these cooperative organizations are small，financial strength is weak，the managerial talent is extremly short. This situation of China’s Cooperation Organization of farmers makes it impossible to organize the farmers in the futures market. Moreover，there was a clear difference in the industry for China’s cooperative organizations of farmers，that is most concentrated in the higher levels commercialization of specific species，but rural cooperative organizations is relatively small in the field of the bulk of agricultural products，it is the staple agricultural products in the futures market. Which make it is very difficult for our farmers to invovle in the futures market through cooperation.

The absence agricultural producers in the futures market not only made the ability of the market serve “San Nong” greatly reduced，but also affected the normal functioning of the futures market. Futures market as a relatively high-end market requires related main body with some of the basic conditions. Mode of China’s agriculture is mainly based on small-scale decentralized operations，and the relevant intermediary organization developed，there is a clear contradiction in these two areas. From a practical point of view，we can take the approach of “enterprise + cooperative + farmer”，enterprises enter the futures market，the cooperative is responsible to organize farmers，where cooperatives play a bridge role，companies have reduced their transaction costs of dealing with small farmers through this way，farmers also have achieved a relatively equal status because of the involvement of cooperatives，the cooperative’s strength will gradually grow in this process，cooperative can organize farmers in the futures market while the conditions are ripe. At present，some parts of China have made a useful exploration. For the farmers to avoid the relevant operational risks and the need for a steady profit，Using this approach，farmers can organize themselves through co-operation to achieve the transformation of China’s agricultural mode of operation. Moreover，China’s agricultural futures markets could be at deeper level due to receive from the support of the lowest level is also the most extensive producers and managers.

Key words：Futures market；absence of producer；Forms of agriculture；Development Path