Relevant regulations on soybean meal futures delivery
(a) Soybean meal delivery cannot be delivered across months.
Due to the short storage period of soybean meal, quality problems are easy to occur during storage. Therefore, the exchange stipulates that soybean meal delivery is not allowed to be delivered across months. After each delivery month, if there is no objection within the quality objection period, soybean meal futures must be converted into spot. If it needs to be delivered again, it must be re-examined by the designated delivery warehouse within the time limit stipulated by the exchange, and the standard warehouse receipt must be re-registered with the exchange according to the procedures stipulated by the exchange. This can ensure the quality of the delivered goods and avoid delivery disputes.
(2) Delivery method: centralized delivery.
As a processed product of soybean, soybean meal belongs to the category of industrial products, which has different production and circulation characteristics from soybean.
(1) The quality is unstable. In the high temperature, high humidity and rainy season, soybean meal is very prone to mildew, so in the special season when soybean meal is not easy to be preserved, processing enterprises reduce production or stop work, resulting in a large gap between supply and demand of soybean meal.
(2) The soybean meal market has the characteristics of concentrated production and scattered consumption, which is very obvious in the soybean meal regional market. Usually, large oil plants can become the main suppliers of feed plants in this province and neighboring provinces. Then, as the main supplier of soybean meal, the production and operation behavior of oil enterprises will affect or even determine the price of soybean meal. ?
(3) As an industrial product, the inspection indexes of soybean meal are basically chemical indexes. Compared with physical indicators, the test of chemical indicators is more complicated and takes longer.
Centralized delivery helps to find the real price, facilitate hedging and control market risks.
(3) Delivery place: The soybean meal delivery warehouse designated by Dalian Dashang will not be established for the time being.
Some exchanges at home and abroad have set up remote delivery warehouses, but from the practice and experience of agricultural futures exchanges, most remote delivery warehouses have little or no delivery volume. At present, the trend of international agricultural futures market is from multi-point delivery to single-point delivery.