August 14, 2008
Thursday: China soybean futures settle up on CBOT rise: sentiments weak
China's soybean futures traded on the Dalian Commodity Exchange settled sharply higher Thursday following strong gains on the Chicago Board of Trade Wednesday.
The benchmark January 2009 soybean contract settled RMB129 higher at RMB4,202/tonne, or 3.2%, after trading in a wide range of RMB4,163-RMB4,269/tonne.
The market rebounded further after being oversold recently.
The benchmark soybean contract opened sharply higher, but edged lower during the session, as sentiments remained weak.
Open interest in total soybean contracts fell 28,760 lots to 410,088 lots, showing some funds were retreating from the market, said Cui Ruijuan, an analyst at Guangfa Futures Brokerage.
The market may fall further after the rebound on the lack of a clear trading guidance, said analysts.
Domestic soybean supplies remained ample, with imported soybean stocks at Chinese ports and processing plants exceeding 4 million tonnes, according to data from the China National Grain and Oils Information Center.
It said soybean import in August is likely to be near 4 million tonnes, keeping stocks at high.
Soyoil futures, palm oil futures and soymeal futures settled higher.
Corn futures settled mixed.
Thursday's settlement prices in yuan a metric ton and volume for all contracts in lots (One lot is equivalent to 10 tonnes):
Contract Settlement Price Change Volume
Soybean Jan 2009 4,202 Up 129 1,255,018
Corn Jan 2009 1,780 Up 3 476,522
Soymeal Jan 2009 3,476 Up 96 1,038,308
Palm Oil Jan 2009 7,812 Up 136 29,284
Soyoil Jan 2009 8,986 Up 220 571,798
