May 24, 2006

 

Wednesday: China soybean futures settle mostly up on CBOT,other markets 

 

 

Soybean futures traded on China's Dalian Commodity Exchange settled mostly higher Wednesday on fresh buying, following overnight gains in Chicago Board of Trade soybean futures and a strong rebound in other commodities markets, traders said.

 

The benchmark September 2006 soybean contract settled RMB21 higher at RMB2,662 a metric tonne, after trading between RMB2,648/tonne and RMB2,671/tonne.

 

Trading volume for all soybean contracts rose to 36,414 lots from 16,512 lots Tuesday.

 

One lot equals to 10 tonnes.

 

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 RMB2,572/tonne.

 

"A rebound in other commodities markets was a major reason for the gains today," said Gao Yanrong, an analyst with Dalu Futures Co.

 

"Feed demand hasn't increased much, while more arrivals in May further weighed on the market," Gao said.

 

Soymeal and soyoil futures settled higher along with soybean futures.

 

The benchmark November 2006 soymeal contract rose RMB21 to settle at RMB2,344/tonne, after trading between RMB2,330/tonne and RMB2,354/tonne.

 

Total trading volume were at 407,082 lots, up from 233,486 lots Tuesday.

 

The benchmark September 2006 soyoil contract settled RMB39 higher at RMB5,217/tonne.

 

Corn futures settled higher, underpinned by rising cash values in Heilongjiang province, which lagged behind the previous gains in most places around the country, analysts said.

 

The benchmark March 2007 contract rose RMB17 to settle at RMB1,519/tonne, after trading between RMB1,507/tonne and RMB1,525/tonne.

 

Total trading volume rose to 980,850 lots from 506,308 lots Tuesday.