May 22, 2006
Monday: China soybean futures settle lower on CBOT, other markets
Soybean futures traded on China's Dalian Commodity Exchange settled lower Monday, following losses in Chicago Board of Trade soybean futures Friday, and other falling commodities futures.
The benchmark September 2006 soybean contract settled RMB19 lower at RMB2,629 a metric tonne, after trading between RMB2,616/tonne and RMB2,639/tonne.
Trading volume for all soybean contracts rose to 33,578 lots from 15,976 lots Friday.
One lot equals 10 tonnes.
No. 2 soybean contracts, which are encouraged to be delivered with soybeans harvested from genetically modified crops, settled lower.
The benchmark September contract fell RMB2 to settle at RMB2,548/tonne.
Because of its weak fundamentals, soybeans are more likely to be weighed on when other commodities futures fall, said analysts.
Meanwhile, market participants expect soybean arrivals in May to reach 2.8 million tonnes, following 2.67 million tonnes in April, which will result in an even bigger over-supply condition in the local market.
"Big copper losses today, together with the technical sales on CBOT Friday, kept local investors very cautious," said Liu Xinghua, an analyst with Great Wall Futures Co.
"A rebound can be expected, but probably in an uptrend of other commodities markets," he added.
Soymeal and soyoil futures settled lower, along with soybean futures.
The benchmark November 2006 soymeal contract fell RMB34 to settle at RMB2,315/tonne, after trading between RMB2,303/tonne and RMB2,327/tonne.
Total trading volume rose to 349,832 lots from 213,644 lots Friday.
The benchmark September 2006 soyoil contract settled RMB28 lower at RMB5,175/tonne.
Corn futures settled mixed, pressured by soy futures, said analysts.
The benchmark March 2007 contract fell RMB9 to settle at RMB1,491/tonne, after trading between RMB1,483/tonne and RMB1,499/tonne.
Trading volume for all corn contracts rose to 685,120 lots from 588,308 lots Friday.
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