January 25, 2007

 

Thursday: China soybean futures settle lower on CBOT losses

 

 

Soybean futures traded on China's Dalian Commodity Exchange settled mostly lower Thursday, tracking similar losses in Chicago Board of Trade soybean futures.

 

The most active September 2007 contract settled RMB10 lower at RMB3,080 a metric tonne.

 

Total trading volume fell to 97,680 lots versus 146,380 lots Wednesday. One lot is equivalent to 10 tonnes.

 

CBOT soybean futures fell in Wednesday's trading as the market didn't find enough specific proposals in President Bush's proposals to give an immediate boost to soybean or corn sales for biofuel purposes.

 

Meanwhile, China's 2006 soybean import figure came out Thursday, in line with market expectations, at 28.27 million tonnes, up 6.3% on year.

 

Most analysts expect China's soybean imports to post a 6%-7% on-year gain in 2007 to cross 30 million tonnes.

 

Soymeal futures settled mostly higher, though most of the gains were modest.

 

The most active September soymeal contract settled RMB2 higher at RMB2,587/tonne.

 

Soyoil futures settled mixed, with the benchmark May 2007 contract settling RMB42 lower at RMB6,606/tonne.

 

Corn futures settled lower, tracking similar losses in CBOT corn contracts.

 

The benchmark September contract settled RMB5 lower at RMB1,708/tonne.