May 10, 2007

 

Thursday: China soybean futures settle mostly higher on CBOT gains

 

 

Soybean futures traded on the Dalian Commodity Exchange settled mostly higher Thursday, following overnight gains on the Chicago Board of Trade.

 

The benchmark September 2007 contract settled RMB3 higher at RMB3,145 a metric tonne.

 

Total trading volume declined to 108,602 lots from 151,338 lots Wednesday. One lot is equivalent to 10 tonnes.

 

CBOT soybean futures rose on ideas that U.S. corn planting will continue at a strong clip and farmers won't shift many acres to soybeans.

 

The delayed soybean planting process in the U.S. also helped push soybean prices higher, said Xu Wenjie, a trader at Tianma Futures Co.

 

Analysts said overall demand in May will be stronger than that in April due to the gradual recovery of the feedmeal sector.

 

Soymeal, which is made by crushing soybeans, is used as animal feed.

 

Soymeal and soyoil futures also ended mostly higher.

 

The benchmark September 2007 soymeal contract rose RMB1 to settle at RMB2,553/tonne, while the benchmark September 2007 soyoil contract settled RMB42 higher at RMB7,012/tonne.

 

Corn futures settled mixed. The benchmark September 2007 contract settled RMB1 higher at RMB1,674/tonne.

 

Trading volume for all corn contracts fell to 261,776 lots from 367,164 lots Wednesday