April 17, 2007

Tuesday: China soybean futures settle lower, tracking CBOT losses

Soybean futures traded on the Dalian Commodity Exchange settled lower Tuesday, tracking overnight losses in soy futures on the Chicago Board of Trade.

Also, China's domestic market is oversupplied with ample soybean imports, while demand for soymeal, a key ingredient in feed, remains sluggish.

China's fresh soybean imports continue to be brisk, with seven to 10 cargoes being booked weekly, mostly from Argentina.

The benchmark September soybean contract settled RMB8 lower at RMB3,115 a metric tonne.

Soymeal futures also fell in Dalian, with the benchmark September contract settling RMB3 lower at RMB2,504/tonne.

Corn futures settled mostly higher, tracking gains in CBOT's electronic trading session, with the benchmark September contract settling RMB3 higher at RMB1,661/tonne.

Soyoil futures also ended higher, with the benchmark September contract settling RMB2 higher at RMB7,084/tonne.