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January normally is the slow season for commodity trading because of effects from New Year and the Spring Festival. In January 2008, the usually quiet season at the DCE showed a lot of enthusiasm. Many trading records were broken and deal-making was explosive. While soybeans and corn prices had significant corrections, they didn’t dampen people's enthusiasm. In January, Dalian's trading volume reached 51,112,286 contracts, 140 percent more than the 21,299,710 a year ago. Soybean No. 1 rose to 20,859,942, or 986 percent more than 1,921,038 in the same period 2007. Soybean oil volume got a new record since it was introduced, at 6,255,310 contracts, it was an 877 percent gain from 640,438 last year. Soybean meal got 14,623,296, a rise of 331 percent from 3,392,122 in January 2007. Palm oil volume reached a record 563,916 contracts, and the industrial plastic futures got a record trading for a single-month at 277,534.
In terms of records for a single day, turnover got the highest on record at 179.7 billion yuan on January 18. Soybean oil trading volume was the highest on record at 615,458 on the same day. On January 22, DCE's No. 1 soybean contract trading volume reached 1,524,954, beating a record 1.38 million in 2004. Open interest for certain contracts reached new highs, As of January 31, soybean oil 0805 contract open interest was 143,420, while palm oil 0805 contract open interest held was 28,950.
Market observers believed the main reasons for the explosive trading was a bullish fundamental in global agricultural markets, and the recent snowstorms in southern China.
