Abstract
Futures market in the United States has gone through more than 150 years and has the most developed grain futures market in the world. By selecting soybean, the most representative product in the futures market, in this work, the ADF test and Granger test are utilized to objectively distinguish between the soy bean futures markets of China and America. This article examines the effects of exceptional events on the soybean futures in two nations in light of the two typical special events of the Sino-US trade war and the COVID-19 epidemic. The findings are made by the author: there is a strong correlation between soybean futures and spot in China and the US. However, the association is not as prevalent in China as it is in the US. There is a cointegration link between the soy bean futures markets in China and the US, and there is a Granger guiding relationship for China on the USA's soy bean futures market. The impact of the Chinese and American markets on each other is long-term. The COVID-19 epidemic and the Sino-US trade dispute are investigated as well by the author, who discovers a negative link between the prices on the soybean futures markets of the two nations. The Chinese bean futures market is characterized by a lack of risk appetite and an overwhelming reliance on the US.
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