DCE No.1 Soybeans
From MarketsWiki
DCE No.1 soybeans futures trade on the Dalian Commodity Exchange (DCE). They were launched March 15, 2002[1], following the Ministry of Agriculture's issuance of the Administration Measures on the Safety Evaluation of the Safety of Agro-GMOs, the Administration Measures on Safe Importation of Agro-GMOs, and the Administration Measures on the Labeling of Agro-GMOs on January 5th 2002 (all of which took effect on March 20th 2002)[2].
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Each DCE No.1 soybeans futures contract represents 10 tons of deliverable grade non-genetically modified organism (GMO) No.3 yellow soybeans, which is defined in accordance with DCE Delivery Quality Standard, while No.1 yellow soybeans (30 yuan/ton premium), No.2 yellow soybeans (10 yuan/ton premium), and No.4 yellow soybeans (10 yuan/ton discount) that meet DCE delivery rules can be substitutes, and its last delivery date is set as the seventh day after the last trading day of the delivery month.[3]
Effective March 24, 2008 (the official website has not been updated yet), each DCE No.1 soybeans contract is subject to a margin rate equivalent to seven percent of contract value (e.g., 3139.5 yuan = 4485 yuan [A901 last price on June 2, 2008] x 10 [tons/contract] x 7 percent) as well as a trading fee of no more than four yuan (RMB) / contract.
In 2007, DCE No.1 soybeans futures traded 94,865,442 contracts (+433.13 percent year over year) and its turnover amounted to 3,744.1 billion yuan (+668.23 percent year over year), making it the second largest (in terms of turnover) futures contract on the DCE.
| DCE No.1 Soybeans futures | ||
|---|---|---|
| Exchange | Dalian Commodity Exchange | |
| Settlement | Physically delivered | |
| Trade Unit | 10 tons / contract | |
| Point Value | 10 yuan (RMB) | |
| Tick Value | 10 yuan (RMB | |
| Contract Months | Jan, Mar, May, July, Sep, Nov | |
| Last Trading Day | 10th Trading Day of the Delivery Month | |
| Note: This contract is electronic ONLY -- no open outcry | ||
| No Open Outcry | No Electronic Market | |
| Trading Hours | N/A | 9 - 11:30 a.m., 1:30 - 3 p.m. |
| Ticker Symbol | N/A | A |
| Price Limits | N/A | Five percent of last settlement price (the official website has not been updated yet) |
References
- ↑ DCE History. Dalian Commodity Exchange. Retrieved on June 2, 2008.
- ↑ The Economic and Social Impact of GMOs in China. China Perspectives. Retrieved on June 25, 2008.
- ↑ No.1 Soybeans. Dalian Commodity Exchange. Retrieved on June 2, 2008.
