1, delivery problem. Although Douer did not clearly indicate that the target was imported genetically modified soybeans, the quantity of domestic soybeans was limited by the oil content index in the quality standard of delivery target, and the non-imported soybeans that could meet the delivery standard of Douer were non-imported soybeans. However, Article 16 of the Domestic Measures for the Administration of Import Safety of Agricultural Genetically Modified Organisms stipulates that if the imported agricultural genetically modified organisms used as processing raw materials have vitality, import files shall be established, indicating their sources, storage, transportation and other contents, and safety control measures suitable for agricultural genetically modified organisms shall be taken to ensure that agricultural genetically modified organisms do not enter the environment. This is why genetically modified soybeans cannot directly enter the trade link. Although there is no quota for soybean import, the actual operation is restricted by the management measures. Generally, the seller of genetically modified soybeans must make sure to enter the crushing stage directly, and it is impossible to trade freely in the market. The unsmooth delivery stage leads to the reluctance of spot enterprises to hedge the second bean. In contrast, downstream soybean meal and soybean oil do not distinguish between genetically modified and non-genetically modified, and the futures prices of soybean meal and soybean oil are also closely related to spot sales, so it is more convenient for oil plants to hedge soybean meal and soybean oil accordingly. In addition, crushing enterprises can also carry out corresponding hedging operations in CBOT market, so Douer can't effectively attract the intervention of spot hedging forces, and it is naturally difficult to attract the enthusiasm of market participants in the absence of an important market component.
2. Due to deep reasons, the price operation of Bean 2 is completely dominated by CBOT market. Due to the difference of trading time, oil plants or institutions can trade directly in CBOT market, while ordinary investors can only hedge their risks through Bean One, which has a natural disadvantage in the game. Because it is difficult to obtain information such as import, shipment and arrival in Hong Kong, ordinary investors can't accurately grasp the cost of soybean imported by oil plants, and bean 2 can easily become a tool for crushing enterprises to achieve internal and external arbitrage. This asymmetry of off-site information should be said to be the root cause of Dou Er's inactivity. Among beans, soybean meal and soybean oil are more affected by domestic supply and demand, and delivery is more convenient. The setting of the contract makes the market participants in a roughly equal position, so the trading situation is more active.
Tips: The above instructions are for reference only and do not make any suggestions. There are risks in entering the market, so investment needs to be cautious. Before you make any investment, you should make sure that you fully understand the nature of the investment and the risks involved, and then judge whether to participate after detailed understanding and careful evaluation.
Response time: 2021-05-11. Please refer to the latest business changes announced by Ping An Bank in official website.
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