August 10, 2009

China's soy futures traded on the Dalian Commodity Exchange settled higher Monday along with broad gains in other commodities markets.

 

The benchmark May 2010 soy contract settled up RMB54, or 1.5%, at RMB3,721 a metric tonne.

 

Gains in markets from metals to rubber and energy fueled higher prices in soy, the fundamentals of which gave investors few excuses to trade on, analysts said.

 

Inflation expectations and ample liquidity boosted commodity prices, with macroeconomic factors having the greatest influence, said Shen Enxian, an analyst with China International Futures Co.

 

U.S. Department of Agriculture data on U.S. crop production and its world agricultural supply and demand estimates are due Wednesday.

 

U.S. soy stocks for the 2008-09 and 2009-10 crop years to Aug. 31 are expected to be revised lower, according to a summary of analysts' expectations by Commonwealth Bank.

 

Trading volume of all soy contracts rose to 228,004 lots from 126,796 lots Friday.

 

Open interest rose 96 lots to 225,740 lots Monday.

 

Corn futures, soymeal futures, soyoil futures and palm oil futures all settled higher.

 

Following are Monday's settlement prices in yuan a metric tonne for benchmark contracts and volume for all contracts in lots (One lot is equivalent to 10 tonnes):

 

Contract       Settlement      Price         Change          Volume

Soy               May 2010       3,721        Up   54          228,004

Corn              May 2010       1,661        Up    4            67,092

Soymeal        May 2010       2,969        Up   42       2,040,798

Palm Oil         May 2010       6,568        Up  168      1,066,856

Soyoil            May 2010       7,568        Up  112      1,018,246