November 7, 2008


Friday: China soybean futures settle up in line e-CBOT gains



Soybean futures traded on the Dalian Commodity Exchange settled slightly higher Friday, supported by gains in electronic trading of Chicago Board of Trade contracts.


China's benchmark May 2009 soybean contract settled RMB15 higher at RMB3,264/tonne, or up 0.5%.


The CBOT has been consolidating for a while without breaking through either side, so it hasn't been providing consistent direction for the DCE, said analysts.


But soybeans are more likely to head downward due to broad market bearishness, said Wang Xiaoguang, an analyst at Galaxy Futures.


The gloomy macroeconomic outlook is more important to fundamentals as the new planting season is a long way off and there are few other issues to trade on, he said.


Open interest in all soybean contracts fell 17,256 lots to 589,732 lots Friday, while trading volume rose to 826,138 lots from 748,146 lots Thursday.


Corn futures and soymeal futures settled mostly higher, soyoil futures settled mixed and palm oil futures were mostly lower.


Soymeal futures were up on a technical rebound.


Friday'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         May 2009      3,264        Up   15       826,138

Corn               May 2009      1,626        Up    6       198,270

Soymeal         May 2009       2,513        Up   35    1,192,992

Palm Oil          Jan 2009        4,630        Dn  102       91,202

Soyoil             Jan 2009        6,518        Dn   14      557,862

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