April 18, 2006
Tuesday: China soybean futures settle mostly lower; corn mixed
Soybean futures on China's Dalian Commodity Exchange settled mostly lower, pressured by losses of other local futures in the session, as the local market had already gained Monday in anticipation of a higher opening of Chicago Board of Trade after the holiday, analysts said.
"CBOT rallied to two-week highs Monday...but the local market had already gained in the previous session in expectation of that," said Lin Hui, an analyst with China International Futures (Shanghai).
"As other local futures, except copper, fell on liquidation in the morning session - and given the weak fundamentals of soybeans - such losses were not strange," she said.
The benchmark September 2006 soybean contract settled RMB4 lower at RMB2,600 a metric tonne, after trading between RMB2,591/tonne and RMB2,615/tonne.
Trading volume for all soybean contracts fell to 42,074 lots from 57,772 lots Monday.
One lot equals to 10 tonnes.
Though bargain hunting in combination with short covering drove prices higher later, soybean futures still failed to settle at the positive territory, said analysts.
No. 2 soybean contracts, which are encouraged to be delivered with soybeans harvested from genetically modified crops, settled higher.
The benchmark September contract rose RMB7 to settle at RMB2,516/tonne.
Soymeal futures settled mostly lower, along with soybean futures.
The benchmark September 2006 contract fell RMB2 to settle at RMB2,210/tonne, after trading between RMB2,199/tonne and RMB2,223/tonne.
Soyoil futures settled mixed. The benchmark September 2006 contract settled RMB4 lower at RMB5,028/tonne.
Corn futures settled mixed, with long position holders rolling out of the September contract into forward months, said analysts.
The benchmark January 2007 contract settled RMB6 higher to RMB1,403/tonne, after trading between RMB1,398/tonne and RMB1,410/tonne.
Open interest for all contracts rose 7,616 lots to 512,590 lots.
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