Wednesday: China soy futures fall on technical retreat, weaker soyoil

 

 

Soy futures fell slightly on the Dalian Commodity Exchange Wednesday on a technical retreat while still tightly tracking the Chicago Board of Trade.

 

The benchmark September 2010 soy contract settled RMB10 or 0.2% lower at RMB4,013 a metric tonne.

 

Soy futures on CBOT's electronic bourse fell during Asian trading hours after rising 0.9% overnight.

 

Soyoil prices have also pulled back after a strong rally earlier this week, weighing on sentiment across the soy complex.

 

But soy prices are likely to rise in the coming months, with the approach of Chinese New Year, said Wang Xiaoguang of Galaxy Futures.

 

Trading volume for all soy contracts fell to 200,074 lots from 326,088 lots Tuesday.

 

Open interest fell 2,350 lots to 344,116 lots.

 

Tracking soy futures, corn, soyoil and soymeal futures also fell. But palm oil futures rose, tracking their Malaysian counterparts.

 

Wednesday'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

Soy         Sep 2010      4,013        Dn      10     200,074

Corn       Sep 2010      1,868        Dn       4      82,192

Soymeal  Sep 2010      2,991        Dn      18     824,634

Palm Oil  Sep 2010      7,060        Up       4      530,590

Soyoil     Sep 2010      7,862        Dn       8      639,922