SunSirs: Poor Terminal Demand, Domestic Soybean Market Continued to Weaken
May 22 2023 14:09:29 SunSirs (John)
Price trend
According to the market analysis system of SunSirs, since May, the domestic soybean market continued to operate weakly, with a decline of nearly 2%. At the beginning of the month, the average market price of domestic soybeans was 5,400 RMB/ton. On May 19th, the average market price of domestic soybeans was 5,300 RMB/ton, with a price drop of 1.85%.
Under the pressure of bearish factors, the domestic soybean market was weak and declining
Entering May, the demand for terminal soybean products had weakened, market trading volume had declined, and the domestic soybean market continued to decline weakly. The mainstream quotation in the main production area market was 2.6 to 2.65 RMB/jin, with the market being mainly weak and declining. The purchase price of national storage tanks remained at 2.75-2.775 RMB/jin, while traders' purchase prices fell, and the overall market situation weakened.
Market outlook
Agricultural product analysts from SunSirs believe that the demand for terminal soybean products is still poor, and the domestic soybean market will continue to operate in a weak position in the future.
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