February 24, 2009
Tuesday: China soy futures settle up on mild CBOT rebound overnight
China's soybean futures traded on the Dalian Commodity Exchange settled higher Tuesday, tracking a rise on the Chicago Board of Trade overnight.
The benchmark September 2009 soybean contract settled RMB19 higher at RMB3,461 a metric tonne, up 0.6%, after trading in a RMB3,423-RMB3,493/tonne range during the session.
The CBOT saw a mild technical rebound Monday, after the recent tumble.
DCE soybean has been performing better than the CBOT counterparts after the Lunar New Year holiday, supported by the government's cash purchase of local soybean.
However, it is likely to meet resistance at levels near RMB3,550-RMB3,600/tonne, said Tianqi Futures in a note, adding investors would do well to stay on the sidelines.
The trading volume of all soybean contracts rose to 508,902 lots from 435,482 lots Monday.
The open interest rose 3,312 lots to 331,736 lots Tuesday.
Corn, soybean meal, soybean oil and palm oil futures all settled lower.
Cheaper crude soy oil imports are weighing on DCE prices; the price is expected around RMB5,800/tonne for April-June delivery, said Xiao Jun, an analyst at commodities consultancy firm Shanghai JCI.
Tuesday's settlement prices in yuan a metric tonne for benchmark contracts and volume for all contracts in lots (one lot is equivalent to 10 tonnes):
Contract Settlement Price Change Volume
Soybean Sep 2009 3,461 Up 19 508,902
Corn Sep 2009 1,689 Dn 2 130,886
Soy Meal Sep 2009 2,525 Dn 11 709,218
Palm Oil May 2009 5,108 Dn 58 126,412
Soy Oil Sep 2009 5,892 Dn 116 552,066
