Monday: China soybean futures settle down on CBOT; old crop contracts up
Soybean futures traded on China's Dalian Commodity Exchange settled lower Monday, declining along with their counterparts at Chicago Board of Trade on Friday.
The benchmark January 2009 soybean contracts settled RMB77 lower at RMB4,872/tonne, or down 1.6%, after trading between RMB4,846-RMB4,888/tonne.
CBOT July soybeans are likely to consolidate around the $15 per bushel level in the near term due to an improving weather outlook ahead of the U.S. Department of Agriculture's new planting acreage report to be released at the end of this month, said Tianqi Futures.
However, old crop September contracts were up on strong cash prices, as soybean processing plants purchased actively in response to higher soymeal and soyoil prices.
Soyoil demand has been sluggish due to currently weak seasonal consumption, while stocks are at high levels.
China in May imported 3.48 million tonnes of soybeans and 114,619 tonnes of soyoil, up 17% and down 56% on year, respectively, according to data released by the General Administration of Customs on Monday.
Palm oil imports in May rose 23% on year to 498,478 tonnes, it said.
Soyoil futures, palm oil futures and soymeal futures settled lower, while corn futures settled higher.
Soymeal contracts were hit by profit taking on recent gains.
However, traders said there is no sign yet that soymeal prices have seen a top, despite the record high prices.
"As long as the soybean prices don't fall (much), soymeal (futures) prices could be pushed higher by cash soymeal prices," said a local trader at a feedmeal company.
Monday's settlement prices in yuan per metric tonne and volume for all contracts in lots (one lot is equivalent to 10 tonnes):
Contract Settlement Price Change Volume
Soybean Jan 2009 4,872 Dn 77 421,944
Corn Jan 2009 1,923 Up 7 691,382
Soymeal Sep 2008 4,150 Dn 36 339,052
Palm Oil Sep 2008 10,530 Dn 50 12,456
Soyoil Sep 2008 11,530 Dn 92 183,004
