Abstract: The cancellation of Temporary Purchase and Storage Policy (TPSP) on corn and soybeans indicated that the market will play a major role in the formation of prices with increasing market risk to farmers. Study of the impacts of this policy and its cancellation on futures market can provide a reference for its services to agriculture, rural areas, and farmers. Through the descriptive statistical analysis, correlation analysis, co-integration test, basis difference analysis and hedging efficiency analysis, this paper conducted an empirical study on the price series of corn and soybeans from 2006 to 2015. This paper also analyzed the overall performance of futures market for corn and soybeans from the aspects of price movement, turnover situation and global status. Furtherly, this paper examined the cancellation effects of TPSP on agricultural futures market by the descriptive statistical analysis and the Wilcoxon rank sum test. Results show that TPSP cancellation and the replacing target price policy have different effects on the futures market prices. Based on the analysis results of the influencing mechanism of TPSP on futures market, this paper provides the following suggestions: increasing policy support, promoting the sustainable development of innovation mode, strengthening market player development, enhancing the functions of futures market, developing new varieties, and improving risk management tools.