Wednesday: China soy futures rise on South America weather concerns

 

 

Soy futures rose on the Dalian Commodity Exchange Wednesday due to concerns that weather conditions in South America could impact crops.

 

The benchmark September soy contract settled 0.3% higher at RMB3,894 a metric tonne.

 

Wet weather in Brazil may cause some harvest delays, analysts said.

 

"With hopes that the dollar would enter a period of weakening, and with no other news, the market is taking cues from external sources," said Tu Xuan, an analyst with Shanghai JC Intelligence Co.

 

Chicago Board of Trade soy futures made slight gains Tuesday on that back of rising soyoil futures and arbitrage trading.

 

Trading volume on Dalian for all soy contracts fell to 403,680 lots from 449,794 lots Tuesday.

 

Open interest rose by 2,536 lots to 374,002 lots.

 

Palm oil and soyoil futures rose Wednesday, corn futures were unchanged and soymeal fell.

 

Wednesday'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

Soy         Sep 2010      3,894        Up   12     403,680

Corn       Sep 2010      1,872           Unch      28,484

Soymeal  Sep 2010      2,833        Dn    2     622,622

Palm Oil  Sep 2010      6,958        Up   28     381,502

Soyoil     Sep 2010      7,524        Up   30     447,404