In order to comply with the changes in the soybean oil spot market and ensure the smooth operation of delivery, DCE issued the "Announcement on Amending the "Detailed Business Rules for Soybean Oil Futures of Dalian Commodity Exchange" on August 12. The 12 months have been shortened to a maximum of 4 months, which will be implemented from the first trading day of August 2023.
According to the announcement, the latest cancellation time of standard warehouse receipts for soybean oil futures will be adjusted from the last trading day of March each year to the last trading day of March, July and November each year.
Based on this calculation, the standard warehouse receipts for soybean oil futures registered after the last trading day of March 2023 should be cancelled before the last trading day of November 2023.
In recent years, the proportion of Brazilian soybeans in my country's soybean imports has gradually increased, and it has gradually become the main raw material for soybean oil production in my country.
Brazil soybean oil content is high, and the time of transportation to my country is mainly concentrated in the second and third quarters when the temperature is higher, resulting in a higher acid price of the soybean oil produced.
If the storage time is too long, the acid value of soybean oil will further increase, thereby affecting the quality of soybean oil.
In this context, DCE has shortened the validity period of the standard warehouse receipts for soybean oil futures in response to industry changes and demands, which can directly reduce the storage time of the delivered soybean oil, ensure the quality of the delivered soybean oil when it leaves the warehouse, and better satisfy the delivery buyer's expectations for the quality of soybean oil. demand.
In addition, shortening the validity period of standard warehouse receipts for soybean oil futures can speed up the turnover of delivery soybean oil, which is conducive to the faster release of storage capacity by delivery warehouses and the faster release of warehouse receipts by delivery factories, thereby improving the utilization efficiency of soybean oil delivery warehouses and increasing the availability for delivery. resources to better meet the delivery needs of customers.
(The video of Wang Yilin and Yang Yi comes from Dalian Commodity Exchange)
Responsible editor: [Song Fangcan]