Trading variety soybean oil
The transaction specification is 60000 pounds.
The delivery grade meets the grades and standards stipulated by the exchange (see the annex to the rules for details).
The smallest change unit is1100 cents/pound ($6/sheet).
Quotation unit cents/pound
The delivery months of the contract are 10, 12, 1, 3, 5, 7, 8 and 9.
Last trading day The trading day before the15th natural day of the delivery month.
The last trading day of the delivery month.
Open bidding: Monday to Friday, 9: 30 am-1:65438+05 pm Chicago time; Electronic transaction: Sunday to Friday, 8: 8: 30 pm-6: 00 am; Chicago time; Expired contracts are traded until noon on the last trading day.
Open bidding for trading code: Bo Electronic Trading: ZL
The price limit is 2 cents/pound (65,438+0,200 USD/sheet) (not limited from two trading days before the delivery month).
In the United States, soybean oil is transported and stored in oil tanks, the volume of which is 60,000 pounds. In order to reflect this circulation feature and facilitate delivery, CBOT designed each soybean oil contract to be 60,000 pounds.
In the spot market, soybean oil and soybean meal are downstream products of soybean, and 1 ton of soybean can produce 0.8 ton of soybean meal and 0.2 ton of soybean oil. CBOT fully considered this when designing the soybean oil contract. Compared with the specification of 5000 bushels (equivalent to 300000 Jin) per hand in the soybean contract, the specification of 1 hand soybean oil is determined to be 60000 Jin, which is 1/5 of the soybean specification.
Soybean crude oil has the characteristics of uniform quality, stable properties and easy storage and transportation, and is widely used in domestic and international trade in the United States. In order to connect with the spot, CBOT designed the subject matter of soybean oil contract as soybean crude oil.
The minimum fluctuation price stipulated in the contract is 0.0 1 cent/pound, and the daily fluctuation is limited to plus or minus 2 cents/pound of the settlement price of the previous trading day, which means that market participants have 400 prices to choose to open positions, which, like soybeans, are much higher than wheat, corn and other varieties. Market participants in soybean oil futures can get relatively quiet opportunities to enter and leave the market, which increases the market depth and improves the market liquidity.
After CBOT launched the soybean oil futures contract 1950 in July, it launched the soybean oil option contract 1987 in June. As a sub-variety derived from soybean futures market and closely related to soybean contract, CBOT soybean oil contract has been welcomed by investors since its listing, and its market scale has been expanding. At present, it has become one of the most active trading varieties of CBOT. In CBOT soybean variety series, the share of soybean oil annual turnover and position has been maintained at 20-30%.
After the listing of CBOT soybean oil, it promoted the development of arbitrage trading. Soybean, soybean oil, soybean meal and other products constitute a rare combination of raw materials and processed products in the world agricultural futures market. Investors make full use of the correlation between soybean oil and soybean and soybean meal futures prices and actively participate in inter-species arbitrage portfolio trading. CBOT soybean crushing profit trading is the result of the development of arbitrage trading. Arbitrage makes the market price more reasonable and enhances the stability and liquidity of the market.