SunSirs: Under Bearish Pressure, Domestic Soybean Market Was Weak and Declining
May 31 2023 11:29:52 SunSirs (John)
Price trend
According to monitoring data from SunSirs, since May 15th, the domestic soybean market has continued to decline weakly, with a decline of nearly 2%. On May 15th, the average market price of domestic soybeans was 5,350 RMB/ton. On May 29th, the average market price of domestic soybeans was 5,250 RMB/ton, with a price drop of 1.87%.
Analysis review
Negative factors dominated, and the domestic soybean market continued to decline
After mid May, due to poor terminal demand for soybean products, the acquiring entity lacked confidence in the market, the market transactions were average, and the market fluctuations were small. The domestic soybean market in the main production area continued to offer around 2.6 RMB/ton/jin, and the market remained weak and downward until the end of the month.
Market outlook
Agricultural product analysts from SunSirs believe that the demand for terminal soybean products was average, and the market supply and demand were weak. The domestic soybean market will continue to decline in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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