In May, domestic soybeans got rid of the downturn in April and returned to the upward trend. The main reason was that China National Grain Corp. entered the market for purchases. Traders' confidence in prices increased, and domestic soybeans continued to rise. At the beginning of the month, the average domestic soybean market price was 5,593 yuan/ton, and the average domestic soybean market price was 5,700 yuan/ton on the 26th, an increase of 1.91%.
Domestic soybean prices have been rising in the first seven months of 2020, with the largest increase in March. Domestic soybeans from January to May of 2021 are obviously not as strong as 2020.
After the Spring Festival in 2021, soybean prices have maintained an upward trend, with a maximum 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 issued an announcement that domestic soybeans returned to the rising market. The market rebounded. On May 26, the domestic soybean market rose close to 2%.
China Grain Storage enters the market to acquire domestic soybeans back to high
After May 1st, domestic soybeans continued to stabilize. On the 11th, several direct warehouses of China Grain Reserves issued acquisition announcements. The purchase price of the Central Reserve Grain 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. Market confidence increased, and the domestic soybeans rose again.
As the end of the month approaches, the demand for terminal soy products has fallen, domestic soybean prices have remained high, and market transactions have been average. Coupled with the decline in soybean futures prices, the domestic soybean market has slightly corrected.
In June, the domestic soybeans of the new season entered the growth period, and the supply of old beans in the market was insufficient. The State Reserve auction may enter the market. The domestic soybeans will have insufficient momentum in the future.
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