Period Market escort fifteen years of rapeseed oil incense and Fragrance -15th Anniversary

Wang Yinan, a reporter from Henan Daily Client

On June 8, 2007, the first domestic dish futures variety -vegetable oil futures on Zhengzhou Commodity Exchange (hereinafter referred to as \"\" Zheng Shang Institute \") Listing and transaction. In 15 years, the development of the vegetable oil futures market has matured, the liquidity has been steadily improved, and the functional exertion effect is good. It has played a positive role in helping to ensure the stable supply of domestic vegetable oil, help industry enterprises in response to the two market risks internally and outside Essence

Following the improvement of the contract rules and systems with the change of the spot industry

Vegetable oil has a long history of eating in my country, which can be traced back to Yuan Yuan. Before generation. In the Ming Dynasty's \"Tiantong Kaiwan\", the vegetable oil produced by Yunzonzi (that is, rapeseed) was one of the good food oils. Vegetable oil occupies an important position in my country's consumption oil, and its output and consumption volume ranks second among edible vegetable oils. It is one of the main consumer oils along the Yangtze River, Southwest, and Northwest China.

据国家粮油信息中心统计数据，2021/22年度，我国菜油产量、消费量约为570万吨和710万吨，均约占全国食用油总产量与20%of consumption. On the one hand, as an important edible oil, the vegetable oil industry chain has a wide coverage and involves many enterprises. On the other hand, vegetable oils are closely linked with related varieties, and factors such as domestic and foreign oil oil and energy prices may affect vegetable oil prices. Frequent price fluctuations have brought severe challenges to the long -term stable operation of industrial enterprises, and also added uncertainty to domestic vegetable oil supply. After the listing of vegetable oil futures, Zheng Shang has carried out the maintenance of varieties, promoting the discovery of futures prices and the full play of the hedging preservation function, and supported the \"protective umbrella\" for industrial enterprises to operate steadily.

The reporter learned that in the past 15 years, Zhengshang Institute has been close to changes in the spot industry, and has continuously optimized the rules of the oil futures contract and the delivery layout. In 2009, according to the amendment of the national standard, revised the standard of vegetable oil futures delivery standards to increase the blue value indicator used to judge the maturity of rapeseed, and ensure the quality of futures delivery. , Care meal and other oil type contract units are consistent, which is convenient for traders to participate, and adjust the vegetable oil futures contract unit from 5 tons/hand to 10 tons/hand. In 2017, in order to further increase the accuracy of price discovery, the minimum change price will be changed price. From 2 yuan/ton to 1 yuan/ton; since the cancellation of rapeseed storage policies in 2015, in order to conform to the focus of the industry from the Yangtze River to the southeast coast, as well as changes in the trade flow of the production and marketing area, and the transportation method of transportation, in the lower reaches of the Yangtze River and the downstream of the Yangtze River and Twelve vegetable oil delivery warehouses (factories) databases have been added in the coastal area, and the water delivery warehouses in the northwest and southwestern regions are appropriately increased to reduce the amplitude of the water stickers in part of the dumping warehouse in South China.The insurance period can fit the development of the spot industry, and the spot spot is deeply integrated.

In 2021, the average daily transaction volume of vegetable oil futures was 4640,000 hands, with an average daily position of 232,200 hands. The market size ranked among the top ten global agricultural futures. The current price relationship has reached 0.98 since the listing, and the current price is high, which better reflects the supply and demand pattern of the spot market.

Deepen the cultivation of industrial cultivation and promotes the deep integration of the spot spot

It is understood that after the listing of vegetable oil futures is listed, Zheng Shang's combined The needs of industrial enterprises, holding various market cultivation activities, strengthening corporate risk awareness, and helping to operate steadily. Taking the leading enterprise as the starting point, from 2010 to 2018, a total of 18 \"dot bases\" and \"noodle bases\" were built in the construction of vegetable oils. , \"Industrial Base\" enterprises have continued to deepen the degree of futures, and drive upstream and downstream companies to use the futures market for risk management, forming a demonstration effect of \"dragon head with dragon tail, large and small hands with small hands\"; The Industrial Development Conference has become a benchmark conference in the industry; focusing on industry difficulties, since the new crown pneumonia epidemic, Zheng Shang's \"Enterprise Risk Management under Enterprises\" and other activities in the \"Enterprise Risk Management\" is set up to set up dishes, inviting government agencies, leading enterprises and other companies to share industrial supply and demand and risk management Cases, etc., help industrial enterprises resist epidemic, cross -difficulty, and stable development; strengthen the training of professional talents, organize online training of fat analysts, invite industry experts and senior analysts to introduce industrial development trends, share research frameworks, and build a current exchanges platform.

According to statistics, more than 60%of the current vegetable oil spot trade has been carried out in the basis of the basis, and the futures spot is fused; It is among the top varieties and has become an indispensable risk management tool for various types of enterprises such as production, trade, and reserves.

Shaanxi Food and Nong Group is a leading enterprise in Shaanxi Province and the \"industrial base\" construction unit of Zhengshang Cai cuisine. Shaanxi grain and agriculture actively use the vegetable oil futures market Small and medium -sized enterprises across difficulties. On the one hand, the use of vegetable oil futures sets to maintain the reserve rotation work. In the second quarter of 2020, Shaanxi grain farmers received 20,000 tons of reserve vegetable oil rotation tasks. In order to avoid the adverse changes in vegetable oil prices to cause losses to the enterprise, the enterprise bought the market for the market to buy the setting period when rotating the vegetable oil. Preventing the risk of price increases when rotating in the later period, not only complete the reserve rotation tasks, but also take into account the company's own business development. On the other hand, it serves small and medium -sized enterprises downstream of the industry chain through the basis of the basis. In early 2021, in the face of the disadvantage of the continued rise in raw material prices, Shaanxi grain and agriculture signed a basis contract with local downstream small filling plants.The downstream customers finally purchased the procurement at a price of 100 yuan/ton below the spot market. While Shaanxi Grain Nong has obtained a stable profit, it further consolidated the cooperative relationship between the two parties and did a good job of \"guaranteeing stability\" in the vegetable oil industry chain.

In the oil and oil industry, Jianghai Jianghai Grain and Oil Group Co., Ltd. is one of the first batch of futures and foundation companies. Understand that the use of futures risk management has become the main business model of the enterprise. After being approved in November 2016, it became a vegetable oil delivery database, and Jianghai Grain and Oil combined with the integration of port logistics trade integration to use the means of combining the spot spot to quickly expand the business of vegetable oil imports and domestic trade procurement packages. In 2017, the import volume of vegetable oil increased by 62%year -on -year, from 59,000 tons in 2016 to 96,000 tons, and the operating volume of vegetable oil increased from 240,000 tons to 400,000 tons, an increase of 67%year -on -year. At the same time, Jianghai Grain and Oils also use the model of future spot spot to drive surrounding customers to continue to use futures for risk management, thereby achieving stable operations.

The raw material sources of Fangcheng, Hong Kong, Macao and Ceremony Industry Co., Ltd. are mainly imported rapeseed. Due to the instability of the international political and economic situation in recent years, the raw material procurement links are always facing issues such as exchange rates, transportation costs, and squeeze profits. Australia and oils are actively using vegetable futures, options, and management of raw materials in volatility, and continuously optimize methods and models such as \"rapeseed oil arbitrage arbitrage\" to lock production and operation profits. In 2021, 85%of Australian grain and oil mixed rapeseed rapeseed in the internal and external sets in advance. At the same time, due to the influence of the domestic market sales facing factors such as changes in supply and demand nodes, changes in breeding demand, and alternatives of competition in different varieties, product sales prices fluctuate frequently. In the mode of cross -segment arbitrage and cross -variety arbitrage, it has increased profit opportunities.

Rich variety tool system to help ensure the safety The international relations are complicated, and the geopolitical conflicts are frequent. The \"double carbon\" targets of various countries catalyze the demand for biological diesel. The risk of oil inputability is increasingly obvious. It has brought certain uncertainty to the supply of domestic vegetable oil, and the demand for the management of industrial enterprises is particularly strong. The relevant person in charge of Zheng Shang institute said that in order to better serve the oil and oil supply chain to better serve the stable supply chain and ensure the safety of the residents' \"oil bottle\", Zheng Shang's vegetable oil futures continued to cultivate after the listing, and continuously continued Rich cuisine derivatives toolbox. In December 2012, vegetable meal and rapeseed futures were listed. In January 2020, rapeseed meal options were listed to further meet the needs of industrial enterprises long -term and personalized risk management needs. In the next step, Zheng Shang will continue to track changes in the spot industry, and on the basis of doing it, it is precise, Further enrich the oil and oil oil sector, and escort the steady operation of industrial enterprises.

First, optimize the rules of futures in a timely manner and conform to the development trend of the industry. In recent years, the oil processing industry has advocated \"moderate processing and reduced excessive refinement\". In this context, the new version of Cai Oil was announced in 2021. Zheng Shangzhi followed the changes in the industry, launching the revision of the rules of the oil futures in a timely manner, appropriately relaxing the requirements of some indicators, simplifying the color judgment method, and guiding the dried vegetable oil to reduce the energy consumption and waste of oil. The amendments to the specific rules are planned to be announced in the near future.

The second is to actively develop and listed options to enrich the corporate risk management toolbox. The \"Futures and Derivation Models\" proposes that \"the state takes measures to promote the development of agricultural futures markets and derivatives markets, and guide domestic agricultural products production and operation.\" In order to better serve the high -quality development of my country's vegetable oil industry, Zheng Shang has actively developed and listed on the options of vegetable oil, aiming to provide richer, fine and flexible risk management tools to relevant industry entities. At present, Zhengshang Institute has solicited opinions from the market publicly to the market, and will steadily promote the listing of options in the future.

Third, multi -dimensional promoting the internationalization of varieties and enhanced the international influence of price. The degree of internationalization of vegetable oil spot market is high. In 2021/22, my country's vegetable oil imports accounted for 20%of consumption. In addition, the imported rapeseed oil was squeezed out of oil, and the dependence of vegetable oil reached 34%. In this context, Zheng Shangzhi is actively and stable to promote the opening of the oil and oil futures market to the outside world, meet the risk aversion needs of the industry, enhance the international influence of vegetable oil futures prices, and better serve the large domestic cycle and domestic and international dual cycles.

- END -