1, with large circulation and high commodity rate.
In recent years, China's crushing, food and feed industries have developed rapidly, and soybean oil production, upstream and downstream related industries and commodity circulation scale are very large. In 2004, the annual output of soybean oil in China reached 5.77 million tons, and the commodity rate was above 90%, which provided favorable conditions for the development of soybean oil futures trading. Soybean oil market is a competitive market. For many soybean oil production, circulation and consumption enterprises, they are facing greater market risks. Hedging is an urgent need for many soybean oil-related enterprises to avoid price risks.
The price fluctuates greatly.
The supply of soybean, the seasonality of soybean oil consumption and the difficult storage of soybean oil lead to large fluctuations in soybean oil prices. At the same time, the trade policy, tariff policy and quota policy of soybean and soybean oil will also have a great impact on the price of soybean oil.
3. The variety is mature and has a long history.
Chicago Board of Trade launched the soybean oil futures contract in July, 1950, which has been welcomed by investors for many years. Its market scale continues to expand, and the average annual transaction volume increases by more than 15%. 20 10 soybean oil futures have become the sixth largest agricultural futures in the world.
4, with international characteristics, in line with the international market.
The subject matter of soybean oil futures contract listed by Dashang Stock Exchange, whether imported soybean oil or domestic soybean oil, can be delivered as long as it meets the prescribed quality standards, which truly reflects the international characteristics of soybean oil that is inclusive of the whole world.
5. Perfect risk management system
Considering the correlation between soybean oil and soybean and soybean meal, Dashang Institute drew lessons from the experience of risk control of soybean and soybean meal futures contracts and the risk management measures of soybean oil futures contracts of Chicago Board of Trade, and formulated a perfect risk control system. At the same time, in order to ensure the efficiency of market operation, when quantifying market risk management, considering the high correlation between soybean oil futures and soybean and soybean meal futures, the selection of related values is basically unified with the soybean contract management system. For example, the starting point for increasing margin unilateral positions is set to 400,000 lots, which is the same as that of soybeans; The limit of soybean oil futures contract is the same as that of soybean No.2 futures contract, which is convenient for spot enterprises and encourages futures companies to become bigger and stronger.
6. The delivery methods are diverse, close to the spot market, and enterprises can operate flexibly.
Soybean oil futures take the form of turning futures into spot and rolling delivery. And the warehouse receipt circulation mode combining factory warehouse receipt and warehouse warehouse receipt is adopted, which conforms to the spot circulation habit, is convenient for enterprises to operate flexibly, saves costs and completes delivery efficiently and quickly. (7) Improve the soybean hedging system and realize the arbitrage operation among varieties. Following the two mature trading varieties of soybean and soybean meal introduced by Dashang, the listing of soybean oil futures has improved the soybean hedging system, thus providing comprehensive hedging operation varieties for domestic oil processing, trading and consumption enterprises, realizing arbitrage operation among varieties, truly providing hedging tools for enterprises and creating conditions for investors to find investment opportunities.