DCE No.1 Soybeans

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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].

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, 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.

DCE Monthly Volume by Product.JPG



DCE No.1 Soybeans futures
Exchange Dalian Commodity Exchange
Settlement Physically delivered
Contract Size 10 tons / contract
Pricing Unit 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 Electronic
Trading Hours N/A 9 - 11:30 a.m., 1:30 - 3 p.m. Beijing time
Ticker Symbol N/A A
Price Limits N/A 4% of last settlement price (temporarily 5%)

Contract Volume

In 2014, the volume of DCE No. 1 Soybean futures traded ranked thirteenth among all agricultural futures and options contracts according to the FIA.

Year Total Annual Volume Percent Change
2014 27,197,413 147.4%
2013 10,993,500 --

References

  1. DCE History. Dalian Commodity Exchange.
  2. The Economic and Social Impact of GMOs in China. China Perspectives.
  3. No.1 Soybeans. Dalian Commodity Exchange.