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SunSirs: Supported by Terminal Demand, China's Soybean Production Continues to Rise
January 22 2021 08:27:41SunSirs(Linda)

According to SunSirs monitoring data, after New Year's Day, domestic soybean prices in Heilongjiang remained strong, supported by rigid demand for terminal soybean products, and the market continued to rise. At the beginning of the month, the average market price of domestic soybeans was 5,100 yuan/ton. On January 20, the average market price of domestic soybeans was 5,400 yuan/ton, and the price rose 5.88%.

Domestic soybeans performed strongly throughout the year, rising for 7 consecutive months. In the third quarter, due to the continuous auctions of soybeans from the State Reserve, increased market pressure, coupled with the successive listing of new season soybeans, and the replacement of new ones, the market fell. In October, the soybean price of Xindou Kaiyuan was still much higher than in previous years. After a short handover, Xindou returned to a high level again, and maintained a surge in November and December. In January 2021, domestic soybeans continued to rise for two weeks, showing an outstanding performance.

After November 2020, domestic soybeans have been on the rise every week, and they are all red, and the rise is strong. The increase has been more than 1% and close to 2% for many weeks. January 2021 also rose for two consecutive weeks, with an increase of 1.9%, close to 2%.

Bullish support, domestic soybean prices continue to remain high

After New Year's Day, domestic soybean prices in Heilongjiang continued to rise. As the Spring Festival is approaching, the terminal soybean product factory has started stocking market. Due to the impact of rain and snow, roads freeze, logistics in villages are blocked, transportation costs increase, and farmers have insufficient surplus grain, which makes them more expensive. The supply of domestic soybeans in the market is tight and prices continue to rise.

The mainstream price of domestic soybean gross grains in Heilongjiang is 2.7-2.8 yuan/kg, and the loading price of soybeans is 2.85 yuan/kg, an average weekly increase of 0.05 yuan/kg. Some traders are returning funds, the prices have been loosened, the overall market transactions are relatively small, and the goods are generally sold.

SunSirs agricultural product analysts believe that the Spring Festival is approaching, the rigid demand for soy products will increase, manufacturers are enthusiastic about stocking, the supply of domestic soybeans in the market is tight, and transportation is difficult. The market outlook will continue to rise.

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