November 26, 2007
Monday: China soybean futures settle up on record-high CBOT prices
Soybean futures traded on the Dalian Commodity Exchange settled higher Monday following Friday's rally in soybeans to 34-year highs on the Chicago Board of Trade.
The benchmark September 2008 soybean contract settled RMB61 higher at RMB4,488 a metric tonne.
Total trading volume declined to 459,088 lots from 588,152 lots Friday. One lot is equivalent to 10 tonnes.
Rising demand for vegetable oil and oilseeds ahead of the year-end holidays pushed soyoil prices higher.
But palm oil contracts lagged behind, as winter is traditionally a weak consumption season for palm oil.
Malaysian palm oil exports rose marginally from last month to 1.13 million metric tonnes in the first 25 days of November, with China being the biggest importer, cargo surveyor Intertek Agri Services said Monday.
The estimate is slightly below market expectations of exports coming in around 1.20 million to 1.25 million tonnes.
China is likely to import more soybeans due to strong demand, said Xia Tian, an analyst at Yongan Futures, who expected the U.S. Department of Agriculture to raise the soybean export volume and further cut soybean stocks in its December report.
The USDA projected U.S. 2007-08 soybean ending stocks at 210 million bushels in its November report, down 5 million bushels from its October forecast.
Palm oil futures settled mixed, but soyoil futures settled higher.
The benchmark May 2008 palm oil contract settled at RMB8,808/tonne, up RMB102 from Friday.
Total trading volume for all palm oil futures rose to 19,032 lots from 16,236 lots Friday.
The benchmark May 2008 soyoil contract settled RMB150 higher at RMB9,538/tonne.
Soymeal futures settled mostly higher.
The benchmark May 2008 soymeal contract settled RMB58 higher at RMB3,478/tonne.
Corn futures settled higher.
The benchmark May 2008 contract settled RMB13 higher at RMB1,800/tonne.
Total trading volume for all corn futures declined to 854,300 lots from 1,141,752 lots Friday.
