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SunSirs: Acquisition of China National Grain Reserve has Begun, Chinese Domestic Soybeans are on the Rise, up 1.01% from the Beginning of May
May 13 2021 09:59:19SunSirs(Linda)

Domestic soybeans opened a downward channel in April, and after half a month of decline, they continued to stabilize. On May 11, several warehouses directly affiliated to China Grain Storage Corporation issued an acquisition announcement. The purchase price was 2.8-2.9 yuan/ton. Domestic soybeans rose again. As of May 12, the average domestic soybean market price was 5650 yuan/ton, an increase of 1.01% from the beginning of May.

Domestic soybeans rose strongly for 7 months in 2020, with the highest increase in March, exceeding 20%. Soybean prices will keep rising in the first quarter of 2021, with the highest weekly increase of 7%. Affected by the weakening of the soybean futures market, the price increase of domestic soybeans was suppressed. At the end of March, domestic soybeans started a downward trend. In April, domestic soybeans continued the weak market at the end of March, and the price has fallen to about 2.8 yuan/jin. After May Day, the domestic soybean market remained stable. On the 11th, China Grain Stores announced that domestic soybeans returned to rising prices.

A number of China Grain reserves issued an announcement that domestic soybeans rose again

In April, the domestic soybean market began to fall, falling for more than half a month. In the second half of the year, the soybean futures market was greatly affected by the US soybean, and the market trend was on the strong side. 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.

After May 1st, domestic soybeans continued to stabilize. On the 11th, many direct warehouses of China Grain Reserves issued purchase announcements. The purchase price of the Central Grain Reserve Suileng Depot was 2.9 yuan/kg, and the purchase price of the Central Reserve Grain Bei’an Depot was 2.89 yuan/kg. The purchase price of China Grain Nenjiang Morgen Depot was 2.89 yuan/jin, and the purchase price of China Grain Dayangshu Depot was 2.875 yuan/jin. The acquisition of China National Grain Reserves started, and the State Reserve supported the market. The market confidence increased, and the domestic soybeans rose again.

In mid-May, China National Grain Storage Co., Ltd. entered the market for purchases, and domestic soybeans still have room for growth in the market outlook, which is easy to rise but hard to fall.

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

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