SunSirs: Benefit still existed, China Domestic Soybean Market is recovering
June 27 2023 11:01:39 SunSirs (Selena)
According to monitoring data from SunSirs, starting from June 12th, the domestic soybean market rebounded and prices slightly increased. On June 12th, the average market price of domestic soybeans was 5,260 RMB/ton. On June 25th, the average market price of domestic soybeans was 5,312 RMB/ton, with a price increase of 0.99%.
Starting from mid June, the supply of domestic soybeans in the new season is tight, and traders are mainly pushing prices. The domestic soybean market continues to be strong, with mainstream prices ranging 2.65-2.68 RMB/500g. The weather is hot, and the demand for terminal soybean products is still good. The domestic soybean market has improved in transactions, with flat sales and high market performance. On June 20th, the national reserve soybean auction officially started, and the market supply pressure doubled, while the soybean market remained stable.
SunSirs agricultural product analyst believes that the auction of state-owned soybean reserves has started, putting pressure on the future market of domestic soybeans.
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