January 11, 2008

 

Friday: China soybean futures settle up on bullish expected USDA outlook

 

 

Soybean futures traded on the Dalian Commodity Exchange settled higher Friday on a bullish expected U.S. Department of Agriculture outlook.

 

The benchmark September 2008 soybean contract settled RMB63 higher at 4,753 a metric tonne.

 

The USDA is scheduled to be release its annual crop production, quarterly grain stocks and supply and demand projections at 1230 GMT.

 

The average of analysts' estimates peg 2007-08 U.S. soybean ending stocks at 170 million bushels, down 15 million from December's forecast.

 

The average of analysts' estimates point toward 2007 soybean production at 2.584 billion bushels, down from 2,594 billion in November.

 

The average of analysts' estimates project Dec. 1 U.S. soybean stocks at 2.268 billion bushels, from estimates that ranged from 2.240 billion to 2.316 billion bushels.

 

Meanwhile, China's demand for soybean imports remained strong.

 

China's soybean imports in December were 2.93 million tonnes, up 20.1% on year, according to initial data released by the General Administration of Customs Friday.

 

Soybean imports in 2007 totaled 30.82 million tonnes, up 9.2% from a year earlier, it said.

 

Palm oil futures and soyoil futures surged, supported by a possible fall in Malaysian palm oil stocks in December, a result of flood-hit output and strong exports.

 

Soymeal futures settled higher while corn futures settled slightly lower.

 

Friday's settlement prices in yuan a metric tonne and volume for all contracts in lots (One lot is equivalent to 10 tonnes):

 

                Contract    Settlement   Price  Change     Volume

Soybean   Sep 2008      4,753         Up      63         780,576

Corn         Sep 2008      1,834         Dn      3          219,714

Soymeal   Sep 2008      3,444         Up      21         427,486

Palm Oil    May 2008      9,740         Up     134          28,184

Soyoil       May 2008     10,672        Up    188         229,586