Farm product futures rise

Prices of agricultural produce futures in the domestic markets yesterday surged across the board on reports of a further increase in global food prices, fueled by expectations of increased consumption and the weakening US dollar.

The most actively traded soybean futures contracts for delivery in November on the Dalian Commodity Exchange (DCE) jumped 1.45 percent to close at 4,053 yuan (US$540.4) per ton, while the soybean meal futures contracts for delivery in the same month soared 2.3 percent to close at 3,516 yuan per ton. Corn futures contracts on the DCE climbed 0.8 percent to 1,502 yuan per ton.

The domestic futures market rally was in line with the international price trend. Prices of a wide range of agricultural produce, including oil, soybean and soybean oil, have all been pushed up to their respective historical highs by numerous investment funds, analysts said.