豆油期货上市20周年 服务产业成果丰硕

Market Performance - The Dalian Commodity Exchange's soybean oil futures have shown steady operation over the past 20 years, with daily trading volume increasing from 43,100 contracts in 2006 to 445,000 contracts in 2025, and daily open interest rising from 24,200 contracts to 844,400 contracts, indicating enhanced liquidity and risk-bearing capacity [1] - By the end of 2025, there will be 33 delivery warehouses for soybean oil futures, including 8 warehouses and 25 factory warehouses, distributed across 7 provinces, ensuring sufficient delivery capacity for industry participants [1] Delivery System Optimization - The delivery area has been expanded to adapt to industry changes, with the introduction of a dynamic premium and discount system in 2018 and the addition of Guangxi as a delivery area in 2021, enhancing delivery flexibility [2] - The validity period of soybean oil futures warehouse receipts was shortened from 12 months to 4 months in 2022 to improve the quality and turnover speed of delivered soybean oil, thus increasing the efficiency of delivery warehouses [2] Industry Participation - Over 90% of medium and large soybean crushing enterprises in China utilize soybean oil futures for hedging, with over 90% of sales from large enterprises adopting a pricing model based on Dalian Commodity Exchange futures prices plus premiums [3] - By the end of 2025, the proportion of industry client positions in soybean oil futures is expected to reach 52%, indicating strong industry engagement [3] Internationalization and Global Impact - Soybean oil futures have achieved full-path openness, with inclusion in the Qualified Foreign Institutional Investor (QFII) trading scope in 2022, and the launch of the FSOY contract on the Malaysian Derivatives Exchange in 2024, enhancing global pricing and risk management capabilities [4] - China is projected to produce approximately 18.71 million tons and consume about 18.61 million tons of soybean oil in 2025, both accounting for around 30% of global totals, reflecting China's significant role in the global soybean oil market [4] Future Development - The Dalian Commodity Exchange aims to further optimize soybean oil futures, enhance market cultivation, and increase industry client participation to support the high-quality development of China's oilseed industry [5]