财经深一度丨上市二十载，豆油期货护航产业稳健发展

Core Insights - The Dalian Commodity Exchange's soybean oil futures have been operating steadily for 20 years, with significant increases in trading volume and open interest, indicating enhanced liquidity and risk-bearing capacity [1] - Over 90% of medium and large soybean crushing enterprises in China utilize soybean oil futures for hedging, establishing the futures price as a key benchmark for domestic soybean oil spot trading [4] - The ability of soybean oil futures to serve the global oilseed industry has improved, with recent initiatives allowing foreign investors to trade these futures, thereby enhancing the international influence of China's soybean oil pricing and quality [5] Group 1: Market Performance - Daily trading volume of soybean oil futures increased from 43,100 contracts in 2006 to 445,000 contracts in 2025, while daily open interest rose from 24,200 contracts to 844,400 contracts [1] - The distribution of over 30 delivery warehouses across seven provinces ensures sufficient delivery capacity, supporting industry participation in the futures market [1] Group 2: Industry Adoption - More than 90% of large soybean crushing enterprises use the "Dalian Commodity Exchange futures price + basis" pricing model for soybean oil sales, indicating widespread acceptance of futures in the industry [4] - By the end of 2025, the proportion of industry clients holding soybean oil futures positions is expected to reach 52% [4] Group 3: Global Integration - In 2022, soybean futures were included in the list of tradable products for qualified foreign institutional investors, facilitating international trading [5] - The introduction of the FSOY contract on the Malaysian Derivatives Exchange based on soybean oil futures settlement prices reflects the growing global integration of these futures [5] Group 4: Risk Management and Pricing - The use of soybean oil futures has evolved from cautious experimentation to a critical tool for daily risk management and operational decision-making within the industry [5] - The adoption of basis pricing for other edible oils, such as cottonseed oil, demonstrates the broader acceptance and application of soybean oil futures pricing mechanisms [6]