TRADING IN SOYA BEANS

Press, Volume CXV, Issue 33814, 10 April 1975, Page 13

TRADING IN SOYA BEANS

London market opened

I <.V Z.P.A.-Reuter —Copi/riplitl • LONDON, April 9,| A soya bean fixtures mar-1 ket opened for business in! 'London yesterday, its spon-i isors anxious to establish a (European centre of trade in] i the high-protein foodstuff, and to stabilise prices.’ Dealers will buy and sell! I lots up to a year in advance] at prices they estimate will ]be in effect then, in an, !attempt to protect the com-; modify from violent day-to-| (day fluctuations in price. At yesterday’s market, 149 I lots of 100 tonnes each were traded. Prices eased slightly during trading, August lots 'moving from a peak of £7l a tonne to a minimum of | £68.50 before closing at ,£69.50. I Mr James Mackie, directorgeneral of the Grain and Feed Trade Association, the main sponsor of the new] 'market, said at the close off trading: “It was a good open-! iing day — if we go on like] this the market will quickly! ; become established.” International trading in; soya bean meal has up to; now been done at the Board of Trade in Chicago. The organisers of the London market hope that it will provide an alternative, and reduce dependence in Europe on American prices and possible trade regulations affect-; ling the commodity. ] The price levels at the; (Chicago and London markets; i are, nevertheless, expected to> ! remain close to prevent] ' speculators trying to make profits by trading between, the two centres.