Centralized delivery refers to the one-time centralized delivery of all expired contracts after the last trading day of the delivery month. It is a warehouse delivery method, and the delivery price is calculated according to the weighted average price of the settlement price of all trading days in the delivery month. Centralized delivery can effectively avoid delivery default and leave enough time for the seller to provide VAT invoices and the buyer to finance.
Rolling delivery means that delivery can be made on any trading day after delivery. The seller applies for delivery, and the exchange automatically matches according to the length of long positions. After the match, the buyer and the seller transfer funds and warehouse receipts, and the settlement price on the notification day is the delivery price. The pricing of delivery goods is based on the settlement price, plus the premium of different grades of goods quality, as well as the premium of different delivery warehouses and benchmark delivery warehouses.
Futures-to-spot refers to the transaction that future positions is converted into a spot position in the futures market after the long and short parties holding the same delivery month contract reach a spot transaction agreement. This delivery method is widely used in global commodity futures and financial futures, and three futures exchanges in China have launched spot-for-futures trading.
Our country also has the delivery of soybean meal futures, that is, the form of credit warehouse receipt, as opposed to warehouse warehouse receipt. Warehouse receipt is a kind of physical delivery certificate issued by oil factory based on credit and in accordance with the procedures stipulated by the exchange, which meets the quality agreed in the soybean meal contract. Factory-warehouse delivery and warehouse receipt delivery are two forms of warehouse receipt for physical delivery of soybean meal futures, and both should follow the general rules of soybean meal futures delivery. After the warehouse receipt is generated and before it is cancelled, it is a standard warehouse receipt, which can be delivered, traded and transferred in kind. The difference between factory delivery and warehouse delivery lies in the different generation and delivery processes of warehouse receipts. In the process of generating warehouse receipt, warehouse delivery includes delivery forecast, goods warehousing, acceptance, designated delivery warehouse distribution, exchange registration and other links; Factory warehouse delivery includes factory warehouse issuance and exchange registration. Compared with the two, factory warehouse delivery saves three links: delivery forecast, commodity warehousing and acceptance. In warehouse receipt delivery, if the goods are delivered in the warehouse, the owner needs to pick up the goods in the warehouse within 10 working days after the delivery notice is issued, and the owner needs to notify the warehouse 3 days before the actual delivery; In the case of factory warehouse delivery, the factory warehouse and the shipper need to deliver and receive the goods within 3 days after the delivery notice is issued. The delivery speed of the factory warehouse shall not be lower than the minimum daily delivery speed, and the consignor shall complete the receipt of all goods within the specified time. Compared with the two, in the delivery of factories and warehouses, the delivery speed and time of factories and warehouses and the delivery time of shippers need to be implemented in accordance with the provisions of the exchange.