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SunSirs: After the May 1st, the Domestic Soybean Market Remained Strong
May 13 2022 15:35:37SunSirs(John)

Price trend

According to the monitoring data of SunSirs, since May, the domestic soybean market has improved, and the price has risen slightly. As of May 12, the average domestic soybean market price was 6,058 RMB/ton, up 0.23% from the beginning of the month.

Analysis review

Supply was tight, domestic soybeans rose slightly

After May 1st, the main producing areas delayed spring planting due to weather, and there were few new beans left. In addition, the spring ploughing was approaching, and farmers had no time to sell beans. The supply of soybeans in the main producing areas tightened, the demand for terminal soybean products weakened, and the buying and selling atmosphere was deserted, and prices rose slightly. The mainstream quotation in the market was still 3-3.1 RMB/catties, and traders had a strong psychology to support the price, and the market remained firm. On May 13, the State Reserve will auction 314,000 tons of imported soybeans to ease the pressure on market supply.

Market outlook

The agricultural product analyst of SunSirs believes that the demand for terminal soybean products has weakened, and the main body of the market is state-owned soybeans. It is expected that the domestic soybean market will remain stable in the future.

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