The dynamic premium in South China is calculated by selecting the spot price difference between the two places one month before the fixed delivery month. According to relevant data, the dynamic premium system is an important innovation in the domestic futures market. This system solves the problem that it is difficult to set a fixed premium and discount because of the weak price correlation between spot areas, and makes it possible to set up a warehouse for soybean oil in southern China. It not only helps to give full play to the functions of soybean meal futures varieties, but also provides useful reference for other varieties to expand delivery areas and optimize the setting methods of premium and discount, which is of great significance to the development of the whole futures market.