February 26, 2009

China's soybean futures traded on the Dalian Commodity Exchange settled lower Thursday, tracking declines overnight in the Chicago Board of Trade.

 

The benchmark September 2009 soybean contract settled RMB36 a metric tonne lower at RMB3,472/tonne, or 1.0%, after trading between RMB3,456-3,502/tonne during the session.

 

The contract faced resistance at RMB3,550/tonne, after its continuous rise recently.

 

The milder decline on CBOT is likely to pave way for a technical rebound of the March soybeans contract back to US$9 per bushel, said a local analyst.

 

This may help the DCE benchmark contract to break through the resistance of RMB3,550/tonne, he added.

 

CBOT March soybeans settled 3 cents lower at US$8.78/bushel Wednesday.

 

Trading volume of all soybean contracts declined to 278,258 lots from 345,374 lots Wednesday.

 

Open interest fell 5,734 lots to 313,904 lots Thursday.

 

Corn futures settled unchanged, soymeal futures settled lower, but soyoil futures and palm oil futures settled higher on rising crude oil prices overnight.

 

Thursday'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         Sep 2009         3,472        Dn   36     278,258

Corn               Sep 2009         1,681        Unch        128,224

Soymeal         Sep 2009         2,524        Dn   26     575,874

Palm Oil          May 2009         5,220        Up   30     110,066

Soyoil             Sep 2009         6,086        Up   28     411,436