SunSirs: Favorable Market, China Domestic Soybean Market remains Strong
August 12 2022 09:30:13 SunSirs (Selena)
According to the monitoring data of SunSirs, in August, the domestic soybean market continued to operate at a high level, and the market was relatively stable. At the beginning of the month, the market price of domestic soybeans was 6,152 RMB/ ton. On August 11, the average market price of domestic soybeans was 6,170 RMB/ ton, up 0.29%.
Since August, the domestic soybean market has warmed up, and the auction of domestic stored soybeans has been better. Support the domestic soybean market. On August 2, 56,064 tons of soybeans were planned to be auctioned by COFCO and the State Reserve, all of which were sold. On August 8, China Grain Reserve planned to auction 22,562 tons, all of which were completed. On August 9, COFCO and the State Reserve planned to auction 22,707 tons of soybeans, and the transaction rate declined. The demand for terminal soybean products has improved. Traders are cautious in purchasing. The market is stable as a whole. The mainstream price is 6,150-6,200 RMB/ ton, up slightly.
SunSirs agricultural product analyst believes that the domestic soybean market in China will continue to operate at a high level in the future due to the continuous auction of the national reserve and the improvement of the terminal demand.
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