April 24, 2007

Tuesday: China soybean futures settle lower tracking CBOT futures

Soybean futures traded on the Dalian Commodity Exchange in China settled mostly lower tracking similar overnight losses in Chicago Board of Trade soybean contracts.

China's soybean demand continues to remain sluggish as huge imports over past few months have led to large stocks of soybean and soymeal in Chinese crushing plants and ports.

Demand for soymeal from feed companies also remains weak, analysts said.

The benchmark September soybean contract settled RMB8 lower at RMB3,073/tonne. Total traded volume was 133,780 lots.

Soymeal and soyoil contracts too settled mostly lower. The benchmark September soymeal contract settled RMB11 lower at RMB2,467/tonne, while the benchmark September soyoil contract settled RMB58 lower at RMB6,874/tonne.

Corn futures settled mostly higher, though benchmark September contract settled unchanged at RMB1,643/tonne. Trading volume was 215,790 lots.

One lot equals 10 tonnes.