Cooking oil. Edible oil is the main way of soybean oil consumption. Worldwide, the consumption of cooking soybean oil accounts for about 70% of the total consumption of soybean oil. Domestically, the consumption of cooking soybean oil accounts for about 78% of soybean oil consumption and 35% of total oil consumption. Together with rapeseed oil, it has become two major edible oils in China. However, due to the hot weather, soybean production decreased, leading to an increase in soybean oil prices.

Food processing. Soybean oil can not only be eaten directly, but also be used for food processing. Soybean oil can be used to make a variety of edible oils, such as cold oil, frying oil, shortening, margarine and so on. In addition, soybean oil is also used to make mayonnaise and other foods. The oil consumption for food processing in China accounts for about 12% of the total consumption of soybean oil. Because of different dining habits, the proportion in western countries is higher than that in China. For example, the amount of oil used for food processing in the United States accounts for more than 25% of the total domestic soybean oil consumption. Soybean crude oil

Soybean oil is the general name of oil products processed from soybean. Soybean oil can be divided into crude soybean oil and finished soybean oil according to its processing degree. In China, crude soybean oil (also known as crude oil) is mainly an intermediate product of factories. At present, all soybean oil imported from China is crude soybean oil. Because soybean crude oil has the advantages of large trade volume, uniform quality, easy storage and integration with international spot and futures markets, it is a more suitable variety for futures trading. Quality standard of soybean oil delivery in Dalian Commodity Exchange

The quality standard of soybean oil futures delivery is based on the national standard of soybean oil in China, and the project setting and value selection are basically the same. At the same time, some indicators and values that do not meet the development of the spot market have been fine-tuned. For example, the phosphorus content index which is not in the national standard but is widely used by spot enterprises is increased, the phosphorus content is designed to be ≤200mg/kg, and the acid value is adjusted from ≤4.0mg KOH/g in the national standard to ≤ 3.0 mg KOH/g, so that the domestic soybean crude oil can basically meet the delivery standard; Imported soybean oil may have solvent residue and other indicators that do not meet the standards. However, the imported soybean oil can meet the quality standard of futures delivery after simple processing. At the same time, in order to simplify the contract, soybean oil futures have no grade premium. Dalian commodity exchange appointed delivery warehouse

According to the production and circulation pattern of soybean oil, the contract delivery place of soybean oil is located in Zhangjiagang, Shanghai, Tianjin and Lianyungang Rizhao, and Lianyungang Rizhao delivery warehouse is a non-benchmark delivery warehouse, which can be delivered at a discount of 50 yuan/ton. Zhangjiagang, Shanghai and Rizhao are also the delivery places of soybean No.2 contract and soybean meal contract. Such a delivery place is conducive to arbitrage trading and hedging operations among soybean No.2 contract, soybean meal and soybean oil contract. 10 ton/hand

In the spot market, the minimum load of a tanker used for transporting soybean oil is generally 10 ton, and the contract transaction unit of soybean and soybean meal for large commercial houses is 10 ton/hand. In order to connect with the spot market and facilitate cross-species arbitrage trading, the trading unit of soybean oil contract is 10 ton/lot. 2 yuan/ton

The minimum change price is the smallest unit of price change of futures contracts. From the point of view of improving market operation efficiency and connecting with CBOT soybean oil contract, Dashang Institute determined that the minimum price change of soybean oil contract was 2 yuan/ton. 5% of the settlement price of the previous trading day

In the spot market of soybean oil, the probability of daily price change above 4% is less than 2%, and considering that soybean oil futures are closely related to soybean and soybean meal futures, we set the price limit of soybean oil futures contract at 4%. 7% of the contract value

In order to coordinate the minimum trading margin and the price limit, Dashang set the minimum margin of soybean oil contract at 5%, which is also consistent with the existing soybean and soybean meal varieties. 1, 3, 5, 7, 8, 9, 1 1, 65438+ February.

Based on the seasonal characteristics of soybean oil consumption, production and import and the arbitrage relationship with soybean oil and soybean meal, the delivery months of soybean oil are 1, 3, 5, 7, 8, 9, 1 1 and 65438+February. Consistent with the delivery month of soybean meal futures contract, compared with CBOT soybean oil contract, the soybean oil contract of Dashang Company is less 10, and more 1 10, which is beneficial to cross-variety and cross-market transactions. Tenth trading day of the contract month

The last trading day is consistent with soybean futures contract No.2 and soybean meal futures contract. The third trading day after the last trading day

The provisions of the final delivery date are consistent with the soybean No.2 contract. physical delivery

The delivery method of soybean oil is the same as that of soybean meal contract, which adopts cash transfer, rolling delivery and warehouse receipt circulation mode combining factory warehouse receipt and warehouse receipt, which is convenient for investment and preservation.