豆油期货迎来上市二十周年

Core Insights - The Dalian Commodity Exchange (DCE) celebrates the 20th anniversary of soybean oil futures, highlighting its stable operation and increasing market recognition and participation, effectively serving industry enterprises in managing price risks and achieving high-quality development [1] Market Capacity - Since its launch, the average daily trading volume of soybean oil futures has increased from 43,100 contracts in 2006 to 445,000 contracts in 2025, while the average daily open interest has risen from 24,200 contracts to 844,400 contracts, indicating enhanced liquidity and risk-bearing capacity [1] Delivery Layout - As of the end of 2025, there are 33 delivery warehouses for soybean oil futures, including 8 warehouses and 25 factory warehouses, distributed across seven provinces and regions, ensuring sufficient delivery capacity and broad coverage for industry enterprises [1] Contract Rule Optimization - DCE has implemented various measures to optimize contract rules in line with industry development trends and changes in the spot market, ensuring that soybean oil futures closely align with the spot market and support industry development [1][2] Delivery Area Expansion - The delivery area has been steadily expanded to adapt to changes in industry layout, including the introduction of dynamic premium and discount systems and the establishment of delivery warehouses in Guangdong and Guangxi, enhancing delivery flexibility and coverage [2] Quality Standards Adjustment - In response to the increasing proportion of imported Brazilian soybeans, the validity period of soybean oil futures warehouse receipts was shortened from 12 months to 4 months in 2022, improving the quality of delivered soybean oil and increasing turnover speed [2] Industry Participation - Over 90% of medium and large soybean crushing enterprises in China utilize soybean oil futures for hedging, with more than 90% of sales adopting the pricing model based on DCE futures prices plus premiums, establishing soybean oil futures as a key pricing benchmark in domestic spot trade [3] Internationalization - Soybean oil futures have achieved full-path openness, with the inclusion of soybean series futures and options in the Qualified Foreign Investor (QFI) trading scope, and the listing of the FSOY contract on the Malaysian Derivatives Exchange in 2024 [3] Future Outlook - DCE plans to further optimize and maintain soybean oil futures, ensuring stable operation and contract design that aligns with the spot market, while enhancing market cultivation and increasing industry customer participation to contribute to the high-quality development of China's oilseed industry [4]