SunSirs: China Domestic Soybean Market rebounded in July
July 28 2023 09:36:31 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the domestic soybean market has rebounded since July. At the beginning of the month, the average market price of domestic soybeans was 5,312 RMB/ton; On July 26th, the average market price of domestic soybeans was 5,324 RMB/ton, with a price increase of 0.23%.
Since July, the supply of new soybeans has been tightening, with limited market supply. Traders have mainly raised prices, and national reserve soybeans have been auctioned one after another, with good transaction performance, supporting the domestic soybean market. On July 19th, the National Soybean Reserve planned a two-way bidding transaction of 13,701 tons, with all transactions completed. The two-way sales and procurement prices in Dalian were 5,150 RMB/ton and 5,370 RMB/ton, respectively. The domestic soybean market continues to remain high and prices are firm.
Towards the end of the month, the domestic soybean market has slightly declined, with prices slightly declining, with mainstream quotes of 5,300 RMB/ton. The market transaction is fair, but the sales are average.
SunSirs agricultural product analyst believes that in August, the demand for terminal soybean products has declined, and the domestic soybean market may be dominated by weak performance.
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