By referring to and revising the F-F Mode and Hamilton Model, a model of currency inflation expectations was established based on the relationship between agricultural product prices and CPI, by which CPI was decomposed into expectable and nonexpectable parts. The results show that the prices of agricultural futures hide effective future information of agricultural product prices, and can simulate the trend and direction of CPI currency inflation, hence working as an important info window. In this connection, the future prices of agricultural products should be brought into the vision of forwardlooking currency policies, and the price index of agricultural futures should be classified according to different effects of kinds of futures on CPI currency inflation expectations. The related check indicates that the hedgers of futures exchange are mainly processors and manufacturers of agricultural products. Therefore, conditions are to be created for the farm households to stabilize the prices of agricultural prices by means of futures market.

currency inflation expectations; agricultural futures market; prices of agricultural products; the F-F Mode