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SunSirs: China's New Soybean Listing Performance is still Outstanding
October 28 2020 08:38:50SunSirs(Linda)

According to the monitoring of SunSirs, domestic soybean prices alternated between old and new in October. New soybeans went on the market at around 2.1 yuan/kg. Compared with the previous domestic soybean prices, the price dropped steeply. On October 16, the average market price of domestic soybeans was 4,200 yuan/ton, a decrease of 17.75% from the beginning of the month. The week before the end of the month, the number of new beans on the market increased, and the terminal purchase demand was good, and the price rose all the way, by more than 9%.

New season soybeans are listed successively, prices fall steeply

In October, domestic soybeans entered the harvesting season, and new beans were launched one after another. The price of new beans was 2.1 yuan/500g on a scale, and the mainstream gross grains were 2 to 2.15 yuan/500g, compared to 1.8-1.9 yuan/500g in previous years. It has risen by 0.3 yuan-0.5 yuan/500g. Since the price of domestic soybeans in the early stage has risen to 2.6 yuan/kg, the market price of new beans has a large gap with it, so soybean prices have seen a cliff-like decline.

Starting from mid-to-late, the number of new beans on the market is still relatively small. Terminal purchasers have entered the market. The supply of new beans in the market is tight, and prices continue to rise. As of October 27, the average domestic soybean market price was 4,600 yuan/ton, after the price fell sharply. Has bottomed out and rebounded, with an increase of more than 9%.

SunSirs agricultural product analysts believe that the number of new soybeans on the market is gradually increasing, and farmers have a heavier attitude to price. Domestic soybean prices continue to remain high and there is still room for growth in the short term.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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