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Swine flu fears drive China's soybean futures sharply down

(Xinhua)
Updated: 2009-04-28 10:57

The outbreak of swine flu in Mexico triggered underselling of feedstuff in China with soybean products and corn dropping sharply on Monday, as investors worried that the disease might hurt the global hog raising industry and exporters.

The swine flu was the main reason for the market underselling on Monday, said Huang Yinyan, an analyst with Zhejiang-based Nanhua Futures.

Related readings:  Swine flu epidemic enters dangerous new phase  ASEAN to be prepared to prevent swine flu spread  Chinese soybean producers lose out

Huang added that how much the outbreak would affect the futures market depended on the further development of the swine flu prevention and treatment.

Soybean meal for September delivery slumped by its daily limit of 5 percent within 15 minutes of the market opening at 9 am on China's Dalian Commodity Exchange, and failed to climb during the day to close at 2,632 yuan per ton($385.6), down 4.98 percent.

September corn dropped 1.72 percent to close at 1,659 yuan per ton.

China's Ministry of Commerce last Friday warned domestic firms to slow soybean and rape seed imports so as to avoid possible losses, as the nation has already imported a large amount of these commodities.

From January to last week, China imported 14 million tons of soybeans, up 40 percent year on year, and 900,000 tons of rape seed, up 120 percent, setting a new high, said the ministry, without giving the specific reasons.

As a result of the warning, rape-seed oil contracts slumped on Monday, with the major contracts dropping 4.56 percent to 7,108 yuan per ton.