From 65438 to 0993, China soybean futures contract was officially listed and traded, which was widely welcomed by investors, and the transaction scale increased year by year, becoming one of the representative varieties of China's agricultural futures market. In 2002, after the GM management regulations were officially promulgated and implemented, Dalian Commodity Exchange launched the soybean contract 1 with non-GM soybeans as the subject matter, and the imported soybeans withdrew from the futures delivery of the soybean contract 1.
On June 22, 2004, 65438+February 22, 2004, Dashang Institute launched Soybean No.2 to adapt to the growing consumption of genetically modified soybeans in China. At this point, including imports of genetically modified soybeans from the United States and soybeans from South America, all can be delivered in the China futures market. Soybean No.2 futures contract is the first soybean futures contract with global characteristics in the world so far, and it is the perfection and supplement of soybean 1 futures contract. They constitute a complete price system and hedging mechanism of domestic soybean futures market.
Contract 1 and No.2 soybean are located in soybeans for oil extraction.
There are many differences with soybean contract 1 in index system, delivery scope, contract pricing, delivery packaging and so on. On the one hand, it solves the policy problem of imported soybean delivery, and all soybeans circulating in the spot market are included in futures trading; On the other hand, taking crude fat content as a fixed index can provide a more effective hedge channel for soybean crushing enterprises. In addition, Soybean No.2 Contract is the most inclusive soybean futures contract in the world, because it covers soybeans produced in China, the United States and South America, the three major soybean producing areas in the world. Its introduction will promote the integration of the domestic futures market with the international market, so that the market can fully reflect the changes in the world soybean supply and demand and price, thus helping to improve the price discovery function of the soybean market and form a more efficient and perfect safe-haven market. At the same time, it also lays a foundation for international merchants to participate in domestic soybean futures in the future.
2. In terms of market function, the two have both division of labor and close relationship.
After the introduction of soybean contract No.2, a complete domestic soybean futures market variety system was established with soybean 1 contract, so that non-GM soybeans and mixed GM and non-GM soybeans for oil extraction had their own price discovery centers and hedging centers. Because the service targets and investment participants of the two futures varieties are different and closely related, and domestic soybeans are also used as raw materials for oil extraction, there are the same influencing factors in the price formation of the two markets. The operation of the two futures varieties provides investors with an effective arbitrage market, which is conducive to the stable operation of the two futures varieties and the formation of reasonable prices, and finally forms the interaction and transaction between the soybean price of 1 and the soybean price of No.2.
3. The index system is different.
ContractNo. Soybean 1 adopts the index system of edible soybean based on the current national soybean standard and with the whole grain rate as the core grading index; The soybean oil extraction index system based on the national standard for oil soybeans is adopted in the contract No.2 of Yellow Soybean, with crude fat content as the core grading index.
4. The scope of deliverables is different.
Yellow soybean contract 1 only non-GM soybeans are allowed to participate in delivery; Soybean No.2 futures contract allows genetically modified soybeans and non-genetically modified soybeans that meet the delivery quality requirements of Soybean No.2 to participate in delivery.
5. Contract pricing and delivery packaging are different.
In terms of contract pricing, the contract price of 1 soybean includes packaging materials, and the contract price of No.2 soybean does not include packaging materials. In terms of packaging, considering that imported soybeans are mainly imported and circulated in bulk, soybean No.2 contract adopts bulk and bagged methods, taking into account the different packaging methods of imported and domestic soybeans, while soybean 1 contract only adopts bagged packaging methods, which is consistent with the bagged methods of domestic soybeans in spot circulation.