SunSirs: Soybean Went Down In October

On October 27, the soybean commodity index was 89.46, which was the same as yesterday, a new low in the cycle, 23.84% lower than the highest point of 117.47 on March 29, 2013. (Note: cycle refers to 2011-09-01 to now)

In October, the price of domestic soybeans in the new season fell sharply. The average market price of soybeans at the beginning of the month was RMB 3626 yuan / ton, and the average market price of soybeans at the end of the month wasRMB 3506 yuan / ton, down 3.31%.

After the 11th, the harvest of new season soybeans is coming to an end, the market volume of new season soybeans in Northeast China is increasing, the market supply is loose, and the price is gradually falling. In the main areas of Heilongjiang Province, the price of soybean gross grain in the new season of Suihua is about RMB 1.7 yuan / Jin, the price of commodity soybean is about RMB 1.78 yuan / Jin, the price of Mudanjiang gross grain in the new season is RMB 1.65-1.7 yuan / Jin, the price of Qiqihar gross grain in the new season is RMB 1.65 yuan / Jin, and the price of tower grain is RMB 1.75 yuan / Jin. The soybean price in the new season is significantly lower than that of last year. The main quotation in Shandong Province is RMB 1.88-1.9 yuan / Jin, with a slight decline in price. The price in Henan, Anhui and other places is relatively stable, and the mainstream price is RMB 2.3-2.5 yuan / Jin.

Since the middle of the month, the price of new beans purchased by traders has been lowered, with gross grain of about RMB 1.6 yuan / Jin and net grain of about RMB 1.75 yuan / Jin. Some national warehouses have been purchased in succession. On October 17, the purchase price of the directly affiliated warehouse of Dayangshu was RMB 1.69 yuan / kg, with an estimated purchase price of 600 tons; the purchase price of the directly affiliated branch of kuhongyan of Dayangshu was RMB 1.69 yuan / kg, with an estimated purchase price of 600 tons. As the purchase price of domestic soybean in the new season continues to be low, farmers are reluctant to sell, and the market is relatively cold. The market in Henan and Anhui is stable, with the mainstream price of RMB 2.1-2.3 yuan / Jin; the mainstream price of RMB 2.08-2.1 yuan / Jin in Henan.

Data: soybean export sales report released by USDA shows that as of the week of October 17, the net export sales of soybeans in the United States in this year were 475200 tons, and the net export sales of soybeans in the next year were 0 tons. This week, the U.S. exported 1382900 tons of soybeans this year.

SunSirs analyst of agricultural products believes that as November approaches, the rain and snow weather in the main production areas of Northeast China will increase, market acquisition will be blocked, the price of domestic soybean in the future will rise weakly, and the weak consolidation will continue.

If you have any questions, please feel free to contact SunSirs with marketing@sunsirs.com.