September 11, 2003
China Soybean Futures Settle Mixed Ahead Of USDA Crop Report
China's Dalian Commodity Exchange soybean futures settled mixed in thin volume Thursday, as most investors stayed on the sidelines, awaiting the release of the U.S. Department of Agriculture's crop production report later in the day.
"Trading was very quiet today, because very few investors wanted to test the water before the USDA report is released," said a trader at Zhejiang Tianma Futures.
Chinese players pay close attention to the USDA's crop report, it usually affects soybean prices in the U.S., the largest soybean exporting country to China.
Four of the nine soybean contracts traded in Dalian edged down 1-7 yuan ($1=CNY8.28) a metric ton.
Three contracts posted slight gains, while two contracts were unchanged.
The most heavily traded January 2004 contract settled flat at CNY2,536/ton, after trading between CNY2,531-CNY2,541/ton.
Dalian's soymeal futures settled flat to slightly higher amid the cautious mood ahead of the USDA report.
The benchmark January 2004 soymeal contract inched up CNY3/ton to end at CNY2,192/ton, after trading between CNY2,185-CNY2,199/ton.
Trade volume in the Dalian soybean futures market fell to 129,348 lots from Wednesday's 321,646 lots. Open interest was 773,460 lots, higher than the previous 771,884 lots. One lot is equivalent to 10 tons.