Wednesday: China soy futures settle up on crude oil, CBOT's support

 

 

China's soy futures traded on the Dalian Commodity Exchange settled higher Wednesday, with firm counterparts traded at the Chicago Board of Trade and crude oil prices providing support.

 

The benchmark September 2010 soy contract settled 0.2% higher at RMB4,027 a metric tonne.

 

The contract opened at yesterday's settlement price, and consolidated within a tight range during the session.

 

Higher soyoil and soymeal prices also helped to support soy.

 

As CBOT is likely to consolidate at current high levels and China's cash soy prices remain stable, big price rises on the DCE are unlikely, Galaxy Futures said in a note.

 

Trading volume of all soy contracts declined to 453,068 lots from 544,946 lots Tuesday.

 

Open interest rose 3,518 lots to 408,456 lots Wednesday.

 

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

 

Palm oil prices were higher on news of possible reduced output in Malaysia in 2010 due to a drought.

 

Following are Wednesday'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         Sep 2010      4,027        Up   10     453,068

Corn       Sep 2010      1,873        Up    4     117,576

Soymeal  Sep 2010      2,999        Up   23    1,512,626

Palm Oil  Sep 2010      7,006        Up  108    400,142

Soyoil     Sep 2010      7,922        Up   66    1,113,618