September 2, 2003
China Soybean Futures Ended Mixed Amidst Thin Trading
China's Dalian Commodity Exchange soybean futures ended mixed Monday amidst inactive trading due the absence of major market-moving factors, according to traders.
News that newly harvested soybeans have begun trading at 2,250 - 2,350 yuan ($1=CNY8.28) a metric ton on the spot market had little impact on prices, as these spot levels indicate the settlement prices will be about CNY2,500/ton - around the current levels of existing soybean contracts.
"The prices (on the spot market) are in line with the market expectations, therefore having little impact on the market," said a trader at Dalu Futures in Shanghai.
Six of the nine soybean contracts traded in Dalian inched up 1-22 yuan a metric ton, while the remaining three fell CNY1-CNY25/ton.
The benchmark January 2004 contract fell CNY1/ton to CNY2,499/ton, after trading between CNY2,489/ton and CNY2,510/ton.
Dalian's soymeal futures again rose slightly on speculative buying by shorts, traders said.
The benchmark January 2004 contract added CNY20/ton to CNY2,135/ton, after trading between CNY2,115/ton and CNY2,147/ton.
Trade volume for Dalian soybean futures increased to 240,948 from 189,312 lots Friday. Open interest was 744,400 from 743,288 lots in the previous session.
One lot is equivalent to ten tons.