一部豆油期货史，半部中国油脂产业崛起录

Core Insights - The development of soybean oil futures over the past 20 years has transformed it into a cornerstone of China's oilseed market, providing essential risk management and price discovery functions [1][4][19] - The futures market has evolved alongside China's economic growth and structural adjustments, reflecting a shift from exploration to maturity in the domestic futures market [1][19] 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 open interest has risen from 24,200 contracts to 844,400 contracts [4] - By the end of 2025, there will be 33 delivery warehouses for soybean oil futures, ensuring broad coverage and sufficient delivery capacity across various regions [4] Industry Participation - Over 90% of large and medium-sized soybean crushing enterprises in China utilize soybean oil futures for hedging, with more than 90% of sales using a pricing model based on the futures price plus a premium or discount [4] - By the end of 2025, the proportion of industry clients holding positions in soybean oil futures is expected to reach 52% [4] Industry Transformation - The soybean crushing industry has seen rapid growth, with production capacity exceeding 180 million tons, making China the largest producer and consumer of soybean oil globally [7] - The market has shifted from reliance on foreign oil to a more balanced structure among state-owned, private, and foreign enterprises since 2018 [6][7] Risk Management - Soybean oil futures have become a critical tool for enterprises to manage price risks, with significant price fluctuations observed in recent years [8] - Companies like Jianghai Grain and Oil Group have successfully integrated futures into their operations, enhancing their risk management capabilities and overall business performance [9][10] Pricing Mechanism - The introduction of basis trading has redefined pricing and cooperation models in the industry, moving from fixed pricing to a more flexible model based on futures prices plus basis [11][12] - The maturity of the soybean oil futures market has provided a reliable price benchmark, enhancing the efficiency and risk management capabilities of the entire industry [12][19] Internationalization - The soybean oil futures market has opened up to foreign investors, enhancing its international pricing influence and allowing for better risk management across markets [14][15][16] - The integration of domestic prices with international markets has improved the responsiveness of Chinese prices to global supply and demand changes [15][16] Lessons Learned - The success of soybean oil futures illustrates the importance of being rooted in the underlying industry and addressing real risk management needs [17][18] - A collaborative approach among regulatory bodies, exchanges, and industry participants has been crucial for the development of a mature futures market [17][18]