大豆压榨产业链期转现应用场景分析与建议  

Analysis and Suggestions on the Application Scenarios of Soybean Crushing Industry Chain Exchange for Physical

作　　者：胡松静 周欣[1] HU Songjing;ZHOU Xin(Dalian Commodity Exchange,Dalian 116024,China)

机构地区：[1]大连商品交易所,大连116024

出　　处：《中国证券期货》2024年第5期36-42,共7页Securities & Futures of China

摘　　要：大连商品交易所(以下简称大商所)豆粕和豆油品种期现货结合程度较高。然而,期转现在我国压榨产业链中的应用仍处于初级阶段。为推动大商所期转现应用,本文对大豆压榨产业链上下游企业的期转现应用现状、难度及可行性进行了分析。一方面,对压榨厂应用芝加哥期货交易所(CBOT)期转现采购大豆进行了分析,总结出压榨利润正套和延期点价两个常用模式。另一方面,对压榨厂应用大商所期转现销售产品进行了分析,总结出交割和交易两个场景,将期货头寸转换方式与相关业务有机结合。同时,本文提出了重点推广基差定价和提前交割两个应用场景、加强市场培育提升产业客户参与度、发挥产业链龙头企业的示范作用和优化期转现操作系统与制度规则四方面建议。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 industry chain is still in its infancy.To promote the application of EFP in the DCE,this paper analyzes the current status,difficulties,and feasibility of EFP application by upstream and downstream enterprises in the soybean crushing industry 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 deferred 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 related business operations.At the same time,the paper puts forward four suggestions:to focus on promoting the application scenarios of basis pricing and early delivery,to strengthen market cultivation to improve the participation of industrial customers,to leverage the exemplary role of leading enterprises in the industry chain,and to optimize the operating systems and regulatory rules for EFP.

关 键 词：大豆压榨产业链 豆粕 豆油 期转现 

分 类 号：F323.7[经济管理—产业经济] F724.5