The contract opened higher along with the gains on Chicago Board of Trade overnight but failed to get more upward momentum despite market rumors of China curbing soyoil imports through tighter quality standard controls.
The market was abuzz with talk that the government may require all imported soyoil to have a maximum solvent residue level of 100 parts per million, and that cargoes exceeding the level wouldn't be allowed to be unloaded at the ports. But as the market has digested the rumor yesterday, and no formal government document was released, the focus remained on USDA's planting area report, Galaxy Futures said in its note.
Trading volume of all soybean contracts rose to 336,362 lots from 216,394 lots Tuesday. Open interest rose 6,318 lots to 342,256 lots Wednesday. Corn futures settled lower, while soyoil, soymeal and palm oil futures all settled higher.
Following are Wednesday's settlement prices in yuan a ton for benchmark contracts and volume for all contracts in lots (one lot is equivalent to 10 tons):
Product Contract Settlement Price Change Volume Soybean Sep 2010 3,902 Up 19 336,362 Corn Sep 2010 1,931 Down 4 106,824 Soymeal Sep 2010 2,851 Up 2 802,224 Palm Oil Sep 2010 6,880 Up 12 368,058 Soyoil Sep 2010 7,604 Up 44 1,035,316 -Zheng Xiaolu contributed to this article; Dow Jones Newswires; 8610 8400-7715; email@example.com