SunSirs: Weak Decline in China Domestic Soybean Market in September
September 28 2023 09:36:48 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, since September, the domestic soybean market has mainly experienced a fluctuating decline, with a decline of over 4.7%. At the beginning of the month, the average market price of domestic soybeans was 5,300 RMB/ton; On September 25th, the average market price of domestically produced soybeans was 5,050 RMB/ton, with a flat rise and fall.
After September, the demand for terminal soybean products has been sluggish, coupled with the continuous auction of state-owned soybean reserves, the new season of soybeans is about to go public. The acquiring entities lack confidence in the market, with sufficient supply, and the domestic market is weak and declining. The domestic soybean market prices in the main production areas have fallen one after another, with prices continuing to be around 2.55 RMB/500g, and the overall market is weak and declining.
Starting from mid September, the new season of soybeans has entered the harvest season, with market trading entities mainly watching and watching, with cold purchases and sales, continuous auctions of state-owned soybean reserves, loose market supply, and a weak decline in the domestic soybean market. The mainstream quotation has dropped to 2.55 RMB/500g, resulting in a price drop.
At the end of September, the Double Festival is approaching, and the market is mainly wait-and-see. The domestic soybean market continues to decline slightly, with the overall price dropping to the front line of 5 RMB/500g.
Agricultural product analysts from SunSirs believe that after the National Day holiday, the new season of soybeans will be listed, and the domestic soybean market may continue to weaken in the future.
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