July 17, 2007

Tuesday: China soybean futures settle lower, tracking CBOT losses

Soybean futures traded on the Dalian Commodity Exchange settled lower Tuesday, tracking sharp losses in Chicago Board of Trade corn futures Monday.

In China, cash soybean prices remained lower, as demand for feedmeal is low while stocks remain high.

At present, Chinese ports have stocks of around 3 million-4 million tonnes of soybean.

Commodities analysis firm JCI Shanghai reported Monday that some importers are now even canceling their soybean import shipments.

In Dalian, the benchmark January 2008 soybean contract settled RMB37 lower at RMB3,314/tonne.

Soymeal futures settled lower too, with January 2008 contract RMB35 lower at RMB2,636/tonne.

Soy oil futures settled mixed, with the benchmark September contract down RMB12 at RMB8,014/tonne.

Corn futures settled higher, with the benchmark January 2008 contract settling RMB13 higher at RMB1,503/tonne.