SunSirs: Terminal Demand Was Poor and Domestic Soybean Market Was Weaker
February 23 2023 10:42:59 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, since February, the domestic soybean market had continued to run in a weak position, mainly in a oscillatory decline. At the beginning of the month, the average market price of domestic soybeans was 5,400 RMB/ton; On February 22, the average market price of domestic soybeans was 5,384 RMB/ton, down 0.3%.
Demand was poor and the rise of domestic soybean market was under pressure
After February, the price of domestic soybeans purchased by the State Reserve had dropped below 2.7 RMB/jin, and the mainstream price was 2.68-2.69 RMB/jin. The market price was mainly based on the purchase price of national storage, and the market was relatively stable. Traders shipments were general, and farmers were cautious in entering the market. The mainstream price of domestic soybeans in the main production area of Heilongjiang was 2.6-2.7 RMB/jin, and the market was stable.
From the middle to the end of February, the market circulation of grain resources was relatively small, and the traders supported high prices, and domestic soybeans saw a slight rebound. Due to the flat demand for terminal soybean products, the soybean market had limited room for growth, and the rebound was weak.
Market outlook
The agricultural product analysts of SunSirs believe that the demand for terminal soybean products weakened, and the domestic soybean market will still weaken in the future.
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