{"id":5794,"date":"2023-03-27T16:51:36","date_gmt":"2023-03-27T08:51:36","guid":{"rendered":"https:\/\/orientfutures.sbwd.website\/?p=5794"},"modified":"2026-02-03T16:06:21","modified_gmt":"2026-02-03T08:06:21","slug":"cbot-soybean-futures","status":"publish","type":"post","link":"https:\/\/of.sbwd.website\/zh\/glossary\/cbot-soybean-futures\/","title":{"rendered":"Soybean Futures Contracts from CBOT"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>\t\t
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About Soybean Futures\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Soybean is a versatile and widely traded agricultural commodity that is used for a variety of purposes, including as a source of protein for both human and animal consumption, as well as for industrial applications such as biofuels and plastics. Two of the major futures exchanges where soybean is traded are the\u00a0\u5927\u8fde\u5546\u54c1\u4ea4\u6613\u6240\uff08DCE\uff09\u00a0<\/strong>in China and the\u00a0\u829d\u52a0\u54e5\u671f\u8d27\u4ea4\u6613\u6240\uff08CBOT\uff09<\/strong>\u00a0in the United States.<\/p>\n

To provide additional information about the fundamentals, market outlook, as well as the prices of soybeans from each exchange, the following are links to the Soybean article series.
What Are Soybean Futures<\/a>
Soybean from Dalian Commodity Exchange<\/a>
6 Things You Need To Know About Soybean Futures Trading\u00a0<\/a>\u00a0
DCE launches Soybean Internationalised Products<\/a>
Soybean and Palm Oil Reports 2023<\/a><\/p>\n

With the extensive coverage of soybean futures products in China, this article will predominantly cover the specifics of Cbot\u2019s soybean and the accompanying regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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U.S Stocks Rise While Forecasts Remain Uncertain\n<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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From\u00a0Investing.com<\/strong>, it was reported that on Tuesday, 22 Nov,\u00a0at 10:59 ET (15:29 GMT), the Dow Jones Industrial Average rose 271 points or 0.8%, while the S&P rose 0.7% and the NASDAQ Composite rose 0.3%.<\/a>\u00a0\u00a0<\/p>\n

On Thursday,\u00a0Barron\u2019s<\/strong>\u00a0also reports that the\u00a0Dow Jones Industrial Average rose 70 points or 0.2% after the index closed 95 points higher on Wednesday, 23 Nov, at 34, 194. S&P 500 futures ticked up 0.3% with futures for the tech stock-heavy Nasdaq climbing 0.4%.<\/a><\/p>\n

Overall, US stocks and futures rose during the week.<\/p>\n

Simultaneously, investors continue to place their focus on the macro backdrop and future of central bank policies. FED\u2019s four consecutive 75 basis rate hikes have proven to be central to economic objectives while affecting the financial market. At November\u2019s board meeting, the Federal Open Market Committee (FOMC) pointed\u00a0towards the smaller rate hikes coming<\/a>.<\/p>\n

In response to the news and rise in stocks over the week, analysts from\u00a0Goldman Sachs<\/strong>\u00a0forecast that investors may have to cope with a lingering bear market.\u00a0The company also categorizes the current situation as a downturn of cyclical variety, which typically lasts 26 months and takes 50 months for stocks to recover.<\/a><\/p>\n

Regardless, the fundamentals and outlook of the economy remain uncertain as investors may\u00a0choose to dial back on the number of rate hikes they\u2019re expecting<\/a>\u00a0while others may find the moment opportune for investments and long-term strategies.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Locational Differentials<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Every September, CBOT or the CME group announce changes to location differentials in the Soybean Oil and Soybean Meal futures contracts. This\u00a0annual adjustment mechanism serves as a way to keep futures delivery differentials in line with cash market prices, relative to the par delivery location<\/a>. It is also mentioned that the annual adjustment mechanism only triggers if the cumulative weekly average of outstanding shipping certificates is not public. Nonetheless, outstanding shipping certificate can be tracked by Deliverable Commodities Under Registration.<\/p>\n

The formula to calculate the ratio between outstanding receipts and crushing capacity is as follows.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Figure 1: Source: CME Group<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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With the above calculations, CBOT calculates the ratio of outstanding shopping certificates in each territory relative to the same ratio for the combined remaining territories. This methodology rebalances differentials so that the number of outstanding shipping certificates relative to the production capacity will be roughly equal across all territories.<\/p>\n

In general, if the ratio is low, deliveries will receive a premium in the next January update, if the ratio is high, deliveries from the territory will receive a discount in the next January update.<\/p>\n

To understand more about the specifics of each ratio and the matching premiums refer to the breakdown from the exchange here.<\/a><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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CBOT Soybean Futures Contracts\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The Soybean Futures contracts has the following specifications:<\/p>\n

The Soybean Futures Contract has a minimum price fluctuation of \u00bc of one cent (0.0025) per bushel which is = $12.50. \u00a0<\/p>\n

The last delivery date of the good is on the second business day following the last trading day of the delivery month. \u00a0<\/p>\n

Contract months are for 15 monthly contracts of Jan, Mar, May, Aug, Sep and 8 monthly contracts of Jul and Nov listed annually after the termination of trading in the November contract of the current year.<\/p>\n

Trading Hours for CME Globex are from Monday to Friday, at these trading hours:<\/p>\n

8:30 am \u2013 1:20 pm CT<\/p>\n

Or Sunday to Friday:<\/p>\n

7:00 pm \u2013 7:45 am CT \u00a0<\/p>\n

Soybean Futures Contracts Code,
CME Globex: ZS
CME Clearport: S
Clearing: S
TAS: SBT\u00a0<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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As indicated in the Ag Intel Market Recap on\u00a027 February 2023, for the fourth consecutive session Soybean futures ended lower with the May contract settling Monday at 1512\u20196, dropping by 6\u20194. Across all maturities, volume was 242,013, with the May contract seeing 127,314 change hands.<\/a><\/p>\n

Similarly, Barchart has also recorded that the first trade day of the new week ended with a 10 \u00be drop in March ahead of the delivery process. The other front months were fractional to 7-cent losses.\u00a0To track the real time value of the contract, refer to the bar chart diagram here.<\/a><\/p>\n

As measured by SVL, implied volatility closed the session moderately higher, up by 0.23 to finish the day at 14.66. Historical volatility (30-day) ended at 13.29%, lower by 0.85% to a twelve-year low.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u6211\u53f8\u63d0\u4f9b\u00a0premium customer service at an affordable cost<\/a>\u00a0to all our clients. Our team will\u00a0\u573a\u5185\u884d\u751f\u54c1\u3001<\/a>\u00a0\u53ca\u6760\u6746\u5916\u6c47\u7b49\u591a\u7c7b\u4ea7\u54c1\u3002<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>Soybean is a versatile and widely traded agricultural commodity that is used for a variety of purposes, including as a source of protein for both human and animal consumption, as well as for industrial applications such as biofuels and plastics. Two of the major futures exchanges where soybean is traded are the Dalian Commodity Exchange (DCE) in China and the Chicago Board of Trade (CBOT) in the United States.<\/p>","protected":false},"author":3,"featured_media":5815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"enabled","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[35],"tags":[],"post_language":[],"class_list":["post-5794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"yoast_head":"\nSoybean Futures Contracts from CBOT - 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