October 24, 2008

 

Friday: China soybean futures settle higher tracking CBOT gains

 

 

Soybean futures traded on the Dalian Commodity Exchange settled higher Friday, tracking Thursday's gains on counterparts at the Chicago Board of Trade.

 

Analysts said the rebound in CBOT soybean futures is likely temporary as overall grain market fundamentals and the economic situation globally both remain overwhelmingly bearish.

 

Soyoil processing plants in China are suffering losses as domestic demand remains bearish as the government buys soybeans at prices higher than cash market prices to protect farmers' interests.

 

With all grains on the Chicago Board of Trade rebounded in Thursday's pit trade, the effect rubbed off on Dalian where corn and soymeal futures settled higher.

 

The picture was mixed for soyoil and palm oil futures though, as trendsetting crude palm oil contracts on the Bursa Malaysia Derivatives exchange fell sharply.

   

Contract    Settlement     Price        Change      Volume

Soybean    May 2009      3,150        Up  23     1,952,074

Corn         May 2009      1,621         Up  22         13,954

Soymeal     Jan 2009      2,714        Up  116      470,418

Palm Oil     Jan 2009       4,548        Dn  12       105,350

Soyoil        Jan 2009       5,706        Dn  60       781,956