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SunSirs: State Reserve's Purchase Price Cuts, Chinese Domestic Soybean Market Weakens
June 18 2021 08:36:50SunSirs(Linda)

Beginning in mid-to-late May, the domestic soybean market continued to decline, mainly until mid-June. As of June 17, the average domestic soybean market price was 5643 yuan/ton, which was 1.34% lower than that on May 20.

At the end of March 2021, 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/500g. After May Day, the domestic soybean market remained stable. On the 11th, China National Grain Reserves issued an announcement that domestic soybeans returned to the rising market. The market rebounded. The soybean market began to weaken at the end of the month. Since June, domestic soybeans are still weak. Smooth operation, as of the 17th, the average price of domestic soybean market fell to the first line of 2.8 yuan / catty.

The State Reserve's purchase price cuts, domestic soybeans weakly fall

In May, many of China Grain Storage's direct-owned warehouses issued acquisition announcements one after another, at a purchase price of about 2.8 yuan/500g. 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. At the end of the month, the demand for terminal soy products fell, domestic soybean prices remained high, and market transactions were average. Coupled with the decline in soybean futures prices, the domestic soybean market pulled back slightly.

Beginning in June, several warehouses directly under China Grain Storage have successively lowered the purchase price of domestic soybeans. The purchase price of the warehouse directly under Bei'an has been lowered from 2.89 yuan/500g to 2.875 yuan/500g; the warehouse directly under Suileng has been lowered from 2.9 yuan/500g to 2.875 yuan/500g; The Nehe National Grain Reserve was reduced from 2.945 yuan/kg to 2.935 yuan/kg. In June, domestic soybean terminals entered the off-season for consumption, and the State Treasury lowered the purchase price, leading to cautious purchasers of soybeans entering the market, and wait-and-see, mainly domestic soybean prices continued to be weak.

As June approaches the end of the month, domestic soybeans have no positive factors for the time being, terminal demand is not good, and the State Reserve's purchase price is lowered.

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