DJ China Soybean Futures Settle Up, Following Gains On CBOT

BEIJING (Dow Jones)--Soybean futures traded on the Dalian Commodity Exchange settled higher Monday, following gains Friday on the Chicago Board of Trade.

The benchmark September 2010 soybean contract settled up CNY22, or 0.6%, at CNY3,867 a metric ton.

The dollar's weakness Friday and a strike by port workers in Argentina, which will slow soybean exports, both helped to support futures prices, analysts said.

Relatively strong performances Monday in other markets, such as metals, also helped to support sentiment towards agricultural products.

However, trading remained cautious in a tight CNY23/ton range ahead of a U.S. Department of Agriculture report to be issued Wednesday, which will give initial forecasts for acreage of major crops.

Cash soybean prices were slightly lower in very light trading, providing little trading guidance for futures.

Trading volume of all soybean contracts declined to 119,370 lots from 152,900 lots Friday.

Open interest fell 4,270 lots to 341,862 lots Monday.  Futures for corn, soyoil, soymeal and palm oil all settled higher.

Following are Monday's settlement prices in yuan a metric ton for benchmark contracts and volume for all contracts in lots (One lot is equivalent to 10 tons):

Contract  Settlement Price  Change     Volume 
Soybean  Sep 2010      3,867        Up   22    119,370 
Corn     Sep 2010      1,930        Up   15    113,450 
Soymeal  Sep 2010      2,828        Up   23    572,742 
Palm Oil Sep 2010      6,886        Up   28    223,370 
Soyoil   Sep 2010      7,498        Up   22    250,110 

-Zheng Xiaolu contributed to this article; Dow Jones Newswires; 8610 8400-7715; tracy.zheng@dowjones.com