The role of soybean oil:
1, cooking oil. Cooking oil is the main way of soybean oil consumption. In the world, the consumption of soybean oil for cooking accounts for about 70% of the total consumption of soybean oil. From the domestic perspective, cooking soybean oil consumption accounts for about 78% of soybean oil consumption, accounting for about 35% of all oil consumption. Together with rapeseed oil, it has become the two main cooking oils in China. However, due to the hot weather, soybean production has decreased, which has led to an increase in soybean oil prices.
2. Food processing. In addition to direct consumption, soybean oil can also be used for food processing. Soybean oil can be used to make a variety of edible oils, such as cold oil, frying oil, shortening, margarine and so on. In addition, soybean oil is also used to make mayonnaise and other foods. The oil consumption for food processing in China accounts for about 12% of the total consumption of soybean oil. Because of the different dining habits, the proportion in western countries is higher than that in China. For example, the amount of oil used for food processing in the United States accounts for more than 25% of the total domestic soybean oil consumption.
Soybean oil futures contract:
1, delivery of the subject matter
Soybean crude oil and soybean oil are the general names of oil products processed by soybeans, and soybean oil can be divided into soybean crude oil and finished soybean oil according to its processing degree. In China, soybean crude oil (also known as crude oil) is mainly an intermediate product of factories, and at present, all imported soybean oil in China is soybean crude oil.
2. Delivery grade
The quality standard of soybean oil futures delivery is based on the national standard of soybean oil in China, and the project setting and value selection are basically the same. At the same time, individual indicators and values that are not in line with the development of the spot market have been fine-tuned. For example, the phosphorus content index that is not in the national standard but is widely used by spot enterprises is added, and the phosphorus content is designed to be ≤200mg/kg, and the acid value is adjusted from ≤4.0mg KOH/g in the national standard to ≤ 3.0 mg KOH/g.
3. Place of delivery
According to the pattern of soybean oil production and circulation, the delivery warehouses designated by Dalian Commodity Exchange are located in Zhangjiagang, Shanghai, Tianjin and Rizhao, Lianyungang. The delivery warehouse in Rizhao, Lianyungang is a non-benchmark delivery warehouse, which can be delivered at a discount of 50 yuan/ton. Zhangjiagang, Shanghai and Rizhao are also the delivery places of soybean No.2 contract and soybean meal contract. Such delivery places are conducive to arbitrage trading and hedging operations among soybean No.2 contract, soybean meal and soybean oil contract.