October 27, 2008
Monday: China soybean futures settle lower tracking CBOT losses
Soybean futures traded on the Dalian Commodity Exchange settled lower Monday, tracking losses Friday of its counterpart on the Chicago Board of Trade.
Grains futures across the world are being dragged down by weaker crude oil, other commodities such as base metals, as well as the rout in global financial markets.
Fundamentals of China's soybean market are also weak as output of the crop in the country is expected to rise 20% on year to 16.8 million tonnes in the marketing year that started Oct. 1, according to the U.S. Department of Agriculture.
China's soybean imports more than doubled on year in September, touching 4.13 million metric tonnes.
Still, analysts expect China's overall soybean imports in 2008 to either remain flat on year, or decline slightly, on higher domestic output.
Corn futures settled lower.
Palm oil and soy oil futures also took a cue from the hammering of crude palm oil futures at Bursa Malaysia Derivative, and ended lower.
Soymeal contracts, however, ended mixed.
Contract Settlement Price Change Volume
Soybean May 2009 3,175 Dn 27 1,481,930
Corn May 2009 1,645 Dn 14 313,178
Soymeal Jan 2009 2,732 Up 18 782,540
Palm Oil Jan 2009 4,414 Dn 134 63,344
Soyoil Jan 2009 6,032 Dn 120 625,760