SunSirs: On the Eve of the Spring Festival, Chinese Soybean Market Runs Smoothly

According to the monitoring of SunSirs, after New Year's Day, the price of domestic soybeans in Heilongjiang, the main producing area, continued to show a trend of sharp rise, and the price rose step by step. Domestic soybean prices rose 7.84% throughout January. Beginning in February, domestic soybeans continued to operate steadily. As of February 8, the average market price of domestic soybeans was 5,500 yuan/ton, and the price increased by 7.84%.

Since December, domestic soybean prices have maintained an upward trend for several consecutive weeks, with weekly increases exceeding 1%. In January, domestic soybeans rose for 4 consecutive weeks, with weekly gains approaching 2%. Starting from February, the Spring Festival is approaching, domestic soybeans have gradually entered the holiday mode, and the market has remained stable.

The purchase and sales of domestic soybeans have been stopped before the holiday.

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. In February, the Spring Festival approached, the Spring Festival transport started, logistics costs increased, coupled with weather factors, the purchase and sale of domestic soybeans in Heilongjiang basically came to an end, and domestic soybean prices remained stable. On the eve of the Spring Festival, the domestic soybean market remained basically stable.

SunSirs agricultural products analysts believe that after the Spring Festival, it will take time for domestic soybean purchases and sales to resume. Coupled with insufficient surplus grain, soybean prices still have room to rise in the future.

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