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SunSirs: Exploring the Weakness of China's Domestic Soybeans in April
April 28 2021 08:45:05SunSirs(Linda)

Beginning in April, the domestic soybean market began to fall and fell continuously for a month. At the beginning of the month, the average domestic soybean market price was 5,750 yuan/ton. On April 27, the average domestic soybean market price was 5,593 yuan/ton, down 2.72%.

At the end of February and beginning of March, the domestic soybean market ushered in a sharp rise, with an increase of more than 7%. After the big rise, the market continued to pull back. The market fell and fell for two weeks. In mid-to-late March, the domestic soybean market rebounded occasionally following the futures, and then fell again after the rebound, entering a weak downward channel. Beginning in April, domestic soybeans continued to weaken and the market continued to stabilize. Throughout April, domestic soybeans fell 2.72% overall.

Spring sowing approaches, domestic soybean spot market weakens and stabilizes

In the first quarter, the price of domestic soybeans in Heilongjiang, the main producing area, continued to run at a high level. Since the end of March, the market has begun to climb. Beginning in April, because the price of domestic soybeans was too high, the terminal soy product factory's purchasing enthusiasm declined, and the market transaction volume fell. In addition to the poor soybean futures market, traders are eager to withdraw funds, destock, and are willing to sell soybeans, and lack confidence in the price. Domestic soybean prices have been loosened, and have been falling, from the original 2.9 to 2.8 yuan/kg. Gross grain purchases The price has dropped from the original 2.8 yuan/kg to 2.65 yuan/kg.

In the middle and late ten days, the soybean futures market was greatly affected by the US soybean, and the market trend was strong. Although soybeans are trending strongly, the spot performance of domestic soybeans is still weak and stable. Farmers are busy farming and have no time to sell beans. The terminal enters the market cautiously, and domestic soybeans are mainly running smoothly.

At the end of the month, Liandou was driven by the external market of US soybeans, and the strong market had little effect on the spot. May Day is approaching, and the market is relatively deserted. The domestic soybean spot is weak and downward.

SunSirs agricultural product analysts believe that after the holiday, domestic soybeans will be planted in the new season, and the supply of old beans will be relatively small. The market is mainly price-oriented. If the country is in the market in the future, domestic soybeans will rise under pressure.

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