November 7, 2008
Friday: China soybean futures settle up in line e-CBOT gains
Soybean futures traded on the Dalian Commodity Exchange settled slightly higher Friday, supported by gains in electronic trading of Chicago Board of Trade contracts.
China's benchmark May 2009 soybean contract settled RMB15 higher at RMB3,264/tonne, or up 0.5%.
The CBOT has been consolidating for a while without breaking through either side, so it hasn't been providing consistent direction for the DCE, said analysts.
But soybeans are more likely to head downward due to broad market bearishness, said Wang Xiaoguang, an analyst at Galaxy Futures.
The gloomy macroeconomic outlook is more important to fundamentals as the new planting season is a long way off and there are few other issues to trade on, he said.
Open interest in all soybean contracts fell 17,256 lots to 589,732 lots Friday, while trading volume rose to 826,138 lots from 748,146 lots Thursday.
Corn futures and soymeal futures settled mostly higher, soyoil futures settled mixed and palm oil futures were mostly lower.
Soymeal futures were up on a technical rebound.
Friday'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
Soybean May 2009 3,264 Up 15 826,138
Corn May 2009 1,626 Up 6 198,270
Soymeal May 2009 2,513 Up 35 1,192,992
Palm Oil Jan 2009 4,630 Dn 102 91,202
Soyoil Jan 2009 6,518 Dn 14 557,862