December 1, 2006

 

Friday: China soybean futures settle lower on spot prices

 

 

Soybean futures traded on the Dalian Commodity Exchange settled down Friday, pressured by losses in soybean prices on the spot market, analysts said.

 

The benchmark May 2007 contract settled RMB20 lower at RMB2,891 a metric tonne, after trading between RMB2,870/tonne and RMB2,923/tonne.

 

Total trading volume rose to 145,666 lots from 91,628 lots Thursday. One lot is equivalent to 10 tonnes.

 

"Recent declines in soybean prices on the spot market weighed on soybean futures today," said Kang Bing, an analyst at Jingyi Futures Co.

 

"Losses on e-CBOT (electronic Chicago Board of Trade) this morning further pressured (soybean) futures prices," he added.

 

Soymeal futures settled lower, in line with soybean futures. The benchmark May 2007 soymeal contract fell RMB22 to settle at RMB2,392/tonne, after trading between RMB2,374/tonne and RMB2,423/tonne.

 

Total trading volume rose to 153,326 lots from 71,892 lots Thursday.

 

"Yesterday's falls were extended to today on long liquidation, while investors continued to liquidate positions amid cautious sentiment," said Zeng Xuezhou, an analyst at Beite Futures Co.

 

Soyoil futures settled down. The benchmark May 2007 soyoil contract fell RMB5 to settle at RMB6,702/tonne.

 

Corn futures settled moderately higher. But the benchmark May 2007 contract settled unchanged at RMB1,590/tonne after trading between RMB1,579/tonne and RMB1,605/tonne.

 

Total trading volume for corn declined to 1,294,536 lots from 1,499,832 lots Thursday.

 

"Spot corn prices held firm across China this week, with small rises seen in some coastal regions, offering help to futures prices today," Zeng said.