Analysis and Suggestions on the Application Scenarios of Soybean Crushing Industry Chain Exchange for Physical
The Dalian Commodity Exchange(DCE)has a high degree of integration between futures and spot for soybean meal and soy oil varieties.However,the application of Exchange for Physical(EFP)in China's crushing in-dustry chain is still in its infancy.To promote the application of EFP in the DCE,this paper analyzes the current sta-tus,difficulties,and feasibility of EFP application by upstream and downstream enterprises in the soybean crushing in-dustry chain.On the one hand,the paper analyzes the application of EFP by crushing plants to purchase soybeans from the Chicago Board of Trade(CBOT),summarizing two common patterns:the arbitrage of crushing profits and def-erred pricing.On the other hand,the paper analyzes the application of EFP by crushing plants to sell products in the DCE,summarizing two scenarios:delivery and trading,integrating the conversion method of futures positions with re-lated business operations.At the same time,the paper puts forward four suggestions:to focus on promoting the appli-cation scenarios of basis pricing and early delivery,to strengthen market cultivation to improve the participation of in-dustrial customers,to leverage the exemplary role of leading enterprises in the industry chain,and to optimize the op-erating systems and regulatory rules for EFP.
Soybean Crushing Industry ChainSoybean MealSoy OilExchange for Physical(EFP)
万方数据
维普
