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SunSirs: The Demand for Terminal Soybean Products Weakened, and the Domestic Soybean Market Stabilized
March 24 2023 13:12:46SunSirs(John)

Price trend

According to the monitoring data of SunSirs, since March, after the consolidation of domestic soybeans, the market warmed up, with prices rising. The bad news remained, and the price of soybeans had remained stable after the rise. At the beginning of this month, the average market price of domestic soybeans was 5,404 RMB/ton; On March 23, the average market price of domestic soybeans was 5,550 RMB/ton, with a price increase of 2.7%.

Poor demand for soybean products, domestic soybean market had stabilized after rising

Since March, the price of domestic soybeans purchased by the State Reserve had been gradually lowered, with the mainstream quotation of 2.7 RMB/jin. The market was mainly based on the purchase price of national storage warehouses, the market was relatively stable. Traders' shipments were average, and farmers lacked surplus grain in their hands, so they were mainly reluctant to sell. The mainstream quotation for domestic soybeans in the main production area of Heilongjiang Province was 2.6-2.7 RMB/jin, with a slight decline in the overall market.

Starting on the 9th, the purchase price of national storage depots in multiple regions of China State Grain Storage was raised to 2.775 RMB/jin, prices rose. Market transactions accelerated, and the main quotation for State Reserve soybeans was based on the State Reserve price, with the market rising one after another.

In mid to late March, the purchase price of State Reserve soybeans supported the market, the overall market situation was mainly stable. The mainstream quotation was 2.75-2.8 RMB/jin. The purchasing enthusiasm of terminal soybean products factories was average, and the overall soybean market was mainly weak and stable.

Market outlook

Agricultural product analysts from SunSirs believe that the market's soybean supply is tightening in the new season, and the national reserve price is stable. In the future, the domestic soybean market may continue to operate at a high level.

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