SunSirs: The Domestic Soybean Market Continued to Decline under the Guidance of Bad News
February 10 2023 10:48:14 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, after the New Year's Day, the domestic soybean market continued to decline in a weak way, falling nearly 4% to February 9. At the beginning of the month, the average market price of domestic soybeans was 5,600 RMB/ton; On February 9, the average market price of domestic soybeans was 5,380 RMB/ton, down 3.93%.
led by bad news, the domestic soybean market continued to fall for more than a month
After the New Year's Day, the demand for terminal soybean products turned weak, and some national warehouses successively lowered the purchase price of domestic soybeans. The domestic soybean market fell at 2.7-2.75 RMB/jin, led by multiple negative effects. In addition, as the Spring Festival was approaching, the acquirer's willingness to enter the market was general, the market turnover turned weak, and the domestic soybean market was mainly weak and stable.
During the Spring Festival, the purchase and sale of domestic soybeans stopped and the market remained stable. After the Spring Festival, the State Reserve lowered the purchase price of domestic soybeans again, and the purchase price in some regions was as low as 2.65 RMB/jin, with the market continuing to decline.
Since February, the price of domestic soybeans purchased by the State Reserve had dropped below 2.7 RMB/jin, and the mainstream quotation was 2.68-2.69 RMB/jin, with the market continuing to weaken.
Market outlook
According to the agricultural product analysts of SunSirs, the demand for terminal soybean products was flat, the purchase price of the national storage warehouse was falling, and multiple negative pressures were suppressing, and the domestic soybean market is still weak in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com
- 2024-04-24 SunSirs: Relatively Tight Supply, China Domestic Soybean Market slightly Rebounds
- 2024-04-19 SunSirs: Low Terminal Demand, China Domestic Soybean Market is Stable
- 2024-04-08 SunSirs: Weak Demand, China Domestic Soybean Market is Stable
- 2024-03-28 SunSirs: Weak Performance of China Domestic Soybean Market in March
- 2024-03-22 SunSirs: Weak Supply and Demand, China Domestic Soybean Market is Weak and Stable
