BEIJING: China’s rapeseed and soybean meal futures surged more than 3% on Monday, while edible oil prices also climbed, following a rally in the Chicago soy complex in the previous session after the release of bullish USDA crop reports.
The most active rapeseed meal futures on the Zhengzhou Commodity Exchange rose 3.3% on Monday, reaching their highest levels since last Tuesday, to 2,340 yuan per metric ton.
Similarly, the most-active soymeal futures on the Dalian Commodity Exchange increased 3.2% to 2,724 yuan per ton.
Dalian’s soybean oil futures also gained 2.5% to 7,718 yuan per ton while palm oil futures rose 2.7% to 8,720 yuan per ton.
Chicago soybean futures rose on Monday to multi-month highs after the US Department of Agriculture (USDA) last Friday projected lower-than-expected US soybean production due to a dry end to the growing season.
Corn, soybeans steady before USDA data
CBOT soybeans climbed 0.5% on Monday after rising 2.6% in the previous session, and are at their highest levels since last November.
Soybean oil gained 6.6% on Friday.
Forecasts of tighter soybean supplies could drive up prices of competing edible oil products as they vie for a larger share of the global vegetable oils market.
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