Since 2003, China has been the largest oil importer in the world in terms of imports from a single country, and the oil industry is increasingly dependent on oil imports. The price of imported oil directly restricts the development of China's oil industry and related industries, and is also related to the domestic oil sales price and the vital interests of consumers. At present, the price risk from the international market is increasing, and the competition for soybean oil pricing right among the world's major soybean oil trading countries is becoming increasingly fierce. As an effective price form for allocating resources, futures price has become the authoritative price in the pricing process of tangible goods and financial goods.

At present, the most representative soybean oil futures transactions in the world are Chicago Board of Trade (CBOT) and China Dalian Commodity Exchange (DCE). The price of CBOT represents the price of soybean oil in the soybean producing countries of North and South America, and CBOT has also become the pricing center of the main soybean oil producing areas in the world. DCE soybean oil futures price mainly represents the authoritative pricing of China soybean oil market. From the correlation analysis in 2009, it can be seen that the correlation between them is as high as 0.98, which shows that the correlation between them is very strong. Therefore, the influence of CBOT soybean oil futures price trend on DCE soybean oil futures price trend has important guiding significance. China oil investors usually refer to CBOT soybean oil futures price trend for market judgment and trading strategy formulation, and with the development of foreign futures brokerage business in China, domestic oil investors are more and more directly involved in CBOT soybean oil futures market trading.

CBOT launched the soybean oil futures contract on 1960, and now CBOT has also listed the soybean oil option contract. The size of CBOT soybean oil futures contract is 60,000 pounds, equivalent to 27,000 kilograms (1 pound is about 0.45 kilograms); The contract quotation unit is cents/pound; The minimum variable price is 0.0 1 cent/pound, and one dollar is equal to 100 cent, that is, the minimum variable price is 0.000 1 dollar/pound and 6 dollars/lot; The contract trading months are 65438+ 10, March, May, July, August, September, 65438+ 10 and 65438+February, and the last trading day is the working day before the contract month 15 calendar day; Trading time is divided into electronic trading time and open bidding time. Electronic trading hours are from 7: 00 pm to 7: 45 pm on Sunday to Friday, and from 8: 30 am to1on Monday to Friday; The public bidding time is from 8: 30 am to 8: 30 pm 1 Monday to Friday Chicago time, and the expired contract closes at noon on the last trading day. The trading margin system of soybean oil contract is flexible, and the calculation model automatically generates the reminder margin amount according to the position of members.

DCE launched soybean oil futures contract in 2006. The scale of DCE soybean oil futures contract is 10 ton; The contract quotation unit is RMB/ton, and the minimum change price is 2 yuan/ton; The months of contract transactions are 65438+ 10, March, May, August, September, 165438+ 10, and 65438+February. The last trading day is the 10 trading day of the contract month, and the trading time is divided into morning trading time and afternoon trading time. Every Monday to Friday from 9: 00 am-11:30 am, 10- 10:30 am 15 minutes; 65438+ 0: 30 pm to 3: 00 pm, with no short break. DCE soybean oil futures implement the minimum trading margin system, and the minimum trading margin of soybean oil contract is not less than 5% of the contract value.

By comparing CBOT and DCE soybean oil futures contracts, it can be found that CBOT soybean oil futures trading time is ahead of DCE soybean oil futures due to the influence of 24-hour trading and regional time difference, and the trend of soybean oil futures price is of guiding significance to DCE soybean oil futures price.

In addition, there are differences between the two deposit systems. CBOT uses price fluctuation analysis as the main method to calculate the collection standard of initial deposit and maintenance deposit. The initial deposit is the deposit required by customers to open a new warehouse. If the customer's available funds can't reach the initial margin required for placing an order, he can't open a position. Maintaining margin is the minimum standard for customers to hold positions. If the customer's position margin fails to meet the maintenance margin standard, the trader has the right to forcibly close the position according to the risk situation. The CBOT Margin Committee makes irregular adjustments to the customer margin according to the SPAN system analysis report. The margin of DCE soybean oil futures will be charged at the rate of 5%- 10% of the contract value, and the margin ratio will be increased near the delivery month.