SunSirs: China's Domestic Soybean Market Continues to Rise in November
November 26 2020 08:42:15 SunSirs (Linda)
According to the monitoring of SunSirs, since November, terminal demand has increased, farmers are reluctant to sell, and market supply is tight. Domestic soybean prices have repeatedly hit record highs. As of the 25th, the average domestic soybean market price was 4,800 yuan/ton, and the price increased by 4.35%.
Demand exceeds supply, domestic soybean prices continue to rise
Since November, domestic soybeans in the new season have been fully marketed one after another. This year, the price of new beans has been 2.1 yuan per catty. After being fully listed, the price has continued to rise. Terminal soy product factories have successively entered the market to purchase. Due to the continuous increase in domestic soybean prices, farmers are reluctant to sell them. Soybean market showed a lacklustre transaction, and prices continued to soar.
As of the 25th, soybean gross grains in the main producing areas of Heilongjiang have been 2.4-2.5 yuan/kg. Commodity beans have exceeded 2.6 yuan/jin. Returning to the high prices before the National Day, the soybean market continued to run at a high level, with limited transactions.
SunSirs agricultural product analysts believe that the current domestic soybeans continue to operate at a high level, and market players are cautious in entering the market. In the short term, domestic soybeans will continue to rise.
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