Name: 期貨市場是什麼？一次搞懂！ (Futures Market Explained)
Uploaded: 2025-11-17T13:17:00.000Z
Duration: 4 min 27 s

A $3 box of corn cereal stays at roughly the same price day to day and week to week.

一盒 3 美元的玉米穀片，每天每週的價格都差不多。

情態副詞

But corn prices can change daily, sometimes by a few cents, sometimes by a lot more.

但玉米的價格卻可能每天變動，有時幾分錢，有時變動幅度更大。

程度副詞

Why does the cost of processed foods generally stay quite stable, even though the crops that go into them have prices that fluctuate?

為什麼加工食品的成本通常能保持相當穩定，即使它們的原料作物價格會波動？

It's partly thanks to the futures market.

The futures market allows the people who sell and buy large quantities of COR to insulate you, the consumer, from those changes without going out of business themselves.

期貨市場讓那些大量買賣玉米的人，能夠在不倒閉的情況下，讓身為消費者的你，不受這些價格變動的影響。

我們來認識一下我們的玉米生產者。

This farmer, of course, she's always looking to sell her corn at a high price.

這位農夫，當然囉，她總是希望以高價賣出她的玉米。

And on the other side, our corn user, this cereal company, is always looking to buy corn at a low price.

而在另一邊，我們的玉米使用者，這家穀片公司，總是希望以低價買進玉米。

Now, the farmer has a little bit of a problem because her whole crop gets harvested at once.

現在，農夫有點小麻煩，因為她整批的作物是一次收成的。

Lots and lots of farmers will be harvesting at the same time, and

很多很多的農夫會在同一時間收成，而

the huge supply can send the price falling.

大量的供應可能會讓價格下跌。

And even though that price might be appealing to the company that makes cereal from corn, it doesn't want to purchase all of its corn at once because, among other reasons, it would have to pay to store it.

雖然這個價格對製作玉米穀片的公司來說可能很有吸引力，但它不想一次買進所有的玉米，因為，其中一個原因是，它必須支付儲存的費用。

But it's fortunate that corn can be stored because that means it can be sold and bought throughout the year.

但幸好玉米可以儲存，這意味著它可以在全年買賣。

And this is where the futures market fits in.

這就是期貨市場可以派上用場的地方。

Buyers and sellers move bushels around in the market, though actual corn rarely changes hands.

買家和賣家在市場上移動玉米，雖然實際的玉米很少易手。

Instead of buying and selling corn, the farmer and cereal maker buy and sell contracts.

農夫和穀片公司買賣的不是玉米本身，而是合約。

Now we're getting closer to peace of mind for both sides, because a futures contract provides a hedge against a change in the price.

現在，雙方都能更安心了，因為期貨合約提供了對價格變動的避險。

This way, neither side is stuck with only whatever the market price is when they want to buy or sell.

這樣一來，任何一方都不會被限制在他們想買賣時的市場價格。

These contracts can be made at any time, even before the farmer plants the corn.

這些合約可以在任何時候訂定，甚至在農夫種植玉米之前。

She'll use the futures market to sell some of her anticipated crop on a certain date in the future.

她會利用期貨市場，在未來的某個特定日期賣出她預期的一部分產量。

Of course, she's not going to sell all of her corn on that contract.

當然，她不會把所有的玉米都賣到那份合約裡。

Just enough corn to reassure her that a low price at harvest won't ruin her business.

只要足夠的玉米，讓她放心，收成時的低價不會毀了她的生意。

The cereal company uses the same market to buy bushels.

這家穀片公司也利用期貨市場來購買玉米。

Their contract protects against a high price.

他們的合約可以防止價格過高。

Later contracts will gain or lose money in the futures market if the price goes high.

後續的合約如果在期貨市場價格走高，就會賺錢或賠錢。

The farmer loses money on that futures contract because she stuck with it.

農夫因為堅持持有那份期貨合約而賠了錢。

But that's okay, because now she can sell the rest of her corn what wasn't in that contract at the higher price, that offsets her loss in the futures market.

但沒關係，因為她現在可以把合約以外的其他玉米以較高的價格賣出，這就抵銷了她在期貨市場的損失。

If at harvest time, the price of corn is low.

如果收成時，玉米的價格很低。

Well, that's exactly why she entered the futures market.

嗯，這正是她進入期貨市場的原因。

The low price means her contract makes money, so that profit shields her from the sting of the low price she'll get for the bushels she sells.

低價代表她的合約賺錢了，這筆獲利可以彌補她賣出玉米時的低價損失。

Now, the corn cereal company doesn't like those higher prices, and that's why they have a futures contract.

現在，玉米穀物公司不喜歡價格上漲，這就是他們持有期貨合約的原因。

They make money on it and can use that profit to cover the higher price of the corn they now need to buy.

他們從中獲利，並能用這筆錢來支付他們現在需要購買玉米的高價。

The futures market serves as a risk management tool.

期貨市場是一個風險管理的工具。

in this way, it keeps your cereal from breaking your weekly shopping budget.

這樣一來，就不會讓你的麥片吃垮你每週的購物預算。

字幕列表影片播放

期貨市場是什麼？一次搞懂！ (Futures Market Explained)

stick

process

ruin

roughly