June 19, 2006

 

Monday: China soybean futures settle lower on e-CBOT; corn down

 

 

Soybean futures traded on China's Dalian Commodity Exchange settled mostly lower Monday, amid losses in Chicago Board of Trade soybean futures during electronic trade, analysts said.

 

The benchmark September 2006 soybean contract fell RMB9 to settle at RMB2,614 a metric tonne, after trading between RMB2,612/tonne and RMB2,620/tonne.

 

Trade volume for all soybean contracts fell to 8,058 lots from 9,232 lots Friday.

 

One lot is equivalent to 10 tonnes.

 

No. 2 soybean contracts, which are encouraged to be delivered with soybeans harvested from genetically modified crops, settled mostly lower.

 

The benchmark September contract settled RMB7 lower at RMB2,517/tonne.

 

"Local investors responded to weekend rains in the U.S. before CBOT opened Monday," said Gao Yanrong, an analyst with Dalu Futures Co.

 

"Weather conditions (in the U.S.) that are good for crop growth have further damped the market atmosphere. As you can see, interest in open contracts continued to fall following last Friday's decline," Gao said.

 

Soymeal and soyoil futures settled lower, along with soybean futures.

 

The benchmark November 2006 soymeal contract settled RMB19 lower at RMB2,334/tonne, after trading between RMB2,331/tonne and RMB2,340/tonne.

 

Total trading volume fell to 197,394 lots from 255,086 lots Friday.

 

The most active November 2006 soyoil contract fell RMB11 to settle at RMB5,207/tonne.

 

Corn futures settled lower on long liquidation, amid losses in other commodities futures, analyst said.

 

The benchmark March 2007 contract fell RMB8 to RMB1,468/tonne, after trading between RMB1,465/tonne and RMB1,475/tonne.

 

Total trading volume for all corn contracts fell to 484,234 lots from 550,966 lots Friday.