SunSirs: Futures Market is Suppressed, Chinese Domestic Soybeans Gains are Hindered in March

At the beginning of March, domestic soybeans were supported by multiple factors, and the price continued to rise sharply and once rushed to the 3 yuan mark. Beginning on the 7th, even beans fluctuated frequently, suppressing the sharp rise in the spot market, and domestic soybeans continued to fluctuate at a high level. On the 25th, the average market price of domestic soybeans was 5850 yuan/ton, and the price rose by 6.36%.

The futures market dragged down, domestic soybeans fell at a high altitude
Beginning in March, extreme weather speculation in the United States, poor weather in South America, decline in soybean harvesting, delays in the arrival of Brazilian soybeans, supported by multiple bullish factors, even soybeans ushered in a surge, futures prices continued to rise, and domestic soybeans followed the market. Soy product factories increased their enthusiasm for purchasing, and the loading price of domestic soybeans once exceeded the ceiling of 3 yuan, hitting historical highs repeatedly.

After the first ten days of March, the bullish factors were exhausted. The weather in South America improved. Soybean harvesting progress was normal. CBOT soybeans fell one after another. Due to the relatively high cost of soybean purchases by traders in the early stage, the price is mainly due to the decline in market transactions, the spot market is relatively strong, and the rate of correction is average.

After mid-March, the domestic soybean market continued to be weak and stable. Approaching the end of the month, the CBOT soybeans in the external market ushered in a rise, the soybean futures market rose, and the spot market rose. Due to high domestic soybean prices, the rebound rate is limited.

South American soybeans arrived in Hong Kong one after another in April, and the soybean futures market is still under pressure. In addition, domestic soybean prices are still at a high level.

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