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SunSirs: State Reserve Soybeans Enter the Market, Chinese Soybeans will Rise in the Future
September 06 2021 08:57:43SunSirs(Linda)

Last week, domestic soybeans declined weakly. At the beginning of the week, the average price of domestic soybeans was RMB 5,760/ton, and the average price of domestic soybeans at the weekend was RMB 5,733/ton. The price dropped 0.46%.

State Reserve soybeans enter the market, domestic soybeans are expected to rise

Beginning in mid-August, the grassroots surplus grain in Heilongjiang, the main producing area, has bottomed out, and the supply is tight. The market is dominated by Sinograin’s listing and purchase. The new season soybeans are in the growing period. Soybean futures oscillated and strengthened, which increased confidence in the domestic soybean market to a certain extent. In the main producing areas of Heilongjiang, the purchase price of soybean gross grains is around 2.76 yuan/jin, and commodity soybeans are 2.83-2.88 yuan/jin. The prices are mainly weak and stable.

On September 3, the State Reserve Soybean Auction issued an announcement. On the 7th, China Grain Storage and Oil Company will conduct a soybean auction at 10 am. The auction quantity: 77092 tons. Standard storage: Bei'an, Nenjiang, Muling, Harbin, Hailun, Dunhua, Moqi, Dayangshu, Arongqi, Nierji, Chengdu. Soybeans in the new season are about to be harvested, and there is currently little soybean surplus in the market. If the auction price of the State Reserve soybeans is extremely high, the domestic soybeans will rise in the future.

The market outlook still needs to pay attention to the state reserve soybean auction transactions, and domestic soybeans still have room to rise.

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