SunSirs: Supported by Terminal Demand, Chinese Domestic Soybeans Continue to Rise
January 14 2021 09:01:49 SunSirs (Linda)
According to SunSirs monitoring: after December, the supply of domestic soybeans in the main producing areas was tight, farmers were reluctant to sell them, and prices continued to rise. After the New Year's Day, the rigid demand for terminal soybean products was supported, and domestic soybeans continued to break through high levels. On January 13, the domestic soybean price was 5,300 yuan/ton, an increase of 3.92% from the price at the beginning of January; and a 10.42% increase from the price at the beginning of December.
Since November, domestic soybean prices have maintained an upward trend for several consecutive weeks, with weekly increases exceeding 1%. After New Year's Day, domestic soybeans still maintained a rising trend, with an increase of nearly 2%.
Supply is tight, domestic soybean prices continue to rise
After December, the new season domestic soybean surplus grains in Heilongjiang were small, and farmers were reluctant to sell them. Soybean prices remained high and market transactions were relatively deserted. After New Year's Day, rigid demand for soybean products increased, logistics and transportation were blocked, and domestic soybean prices continued to rise. The price of domestic soybeans in the main producing areas is 2.65-2.7 yuan/jin for gross grain, and the price of commercial soybeans is close to 2.8 yuan/jin. Due to the high prices of domestic soybeans, some farmers intend to sell new beans after the Spring Festival, so domestic soybean transactions are still limited.
SunSirs agricultural product analysts believe that the rigid demand for terminal soybean products is supported, and companies are actively stocking up. In the future, domestic soybean prices are still prone to rise but never fall.
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