SunSirs: Domestic Soybean Market Rebounded in March
March 29 2023 09:39:21 SunSirs (John)
Price trend
According to monitoring data from SunSirs, since March, the domestic soybean market has warmed up and is operating at a high level overall. At the beginning of this month, the average market price of domestic soybeans was 5,404 RMB/ton; On March 27, the average market price of domestic soybeans was 5,550 RMB/ton, with a price increase of 2.7%.
Analysis review
The State Reserve supported the market, domestic soybean market ushered in a rise in March
Since March, the price of domestic soybeans purchased by the State Reserve has been gradually lowered, with the mainstream price of 2.7 RMB/jin. The market is mainly based on the purchase price of the State Reserve, and the market is relatively stable. Traders' shipments are average, and farmers have insufficient surplus grain in their hands, so they are 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, resulting in higher prices. 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.
At the end of the month, the domestic soybean market in the main production areas was still dominated by the national reserve price support market, and the market continued to operate smoothly..
Market outlook
Agricultural product analysts from SunSirs believe that in April, demand for soybean products will rebound and soybean supply will be tight. It is expected that the domestic soybean market will rise in the future.
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