SunSirs: Poor Demand, and Domestic Soybean Market Was Weak
April 21 2023 09:55:49 SunSirs (John)
Price trend
According to the Commodity Analysis System of SunSirs, since April, the domestic soybean market has continued to decline weakly, with a decline of over 2%. At the beginning of the month, the average market price of domestic soybeans was 5,550 RMB/ton. On April 20th, the average market price of domestic soybeans was 5,400 RMB/ton, with a price drop of 2.7%.
Poor demand, and domestic soybean market was weak
Since April, the price boost effect of the State Reserve's acquisition has been limited, and the demand for terminal soybean products has weakened. The market trading volume has declined, and the domestic soybean market continued to be weak and downward. The mainstream quotation for soybeans in the main production area market was 2.7-2.75 RMB/jin, and the market consolidated. The purchase price of State Reserve remained at 2.75-2.775 RMB/jin, and traders purchasing prices were slightly lower, and the overall market situation was weak.
In the middle of the month, terminal demand was weak, and traders were cautious in entering the market. The domestic soybean market continued to be weak and downward, with the mainstream price of 2.7 RMB/jin. The market transactions were average, and the sales were flat.
Market outlook
Agricultural product analysts from SunSirs believe that the demand for terminal soybean products was poor, and the domestic soybean market will continue to operate weakly in the future.
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