SunSirs: China Domestic Soybean Market Declined in October
October 30 2023 14:54:46 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, starting from October, the new season of domestic soybeans has entered the harvest season, with the domestic soybean market mainly experiencing a weak decline, with a decline of nearly 3%. At the beginning of the month, the average market price of domestic soybeans was 5,050 RMB/ton; On October 27th, the average market price of domestic soybeans was 4,900 RMB/ton, a decrease of 2.97%.
After the National Day holiday, domestic soybeans in the new season have been harvested and listed in a centralized manner. The moisture content of the new season soybeans is relatively high, and the purchase price of national storage tanks has significantly decreased compared to the previous purchase price. The purchase price of oil beans in some national storage tanks is 2.4 RMB/500g, with a price decrease of 0.1-0.2 RMB/500g. Market acquisition entities are mainly wait-and-see, with cold sales and weak domestic soybean market.
After the middle of the year, the mainstream price for purchasing third class soybeans from national storage and soybean products companies is around 2.4-2.46 RMB/500g. The domestic soybean market remains weak and stable.
SunSirs agricultural product analyst believes that the centralized listing of new soybeans and the support of national reserves will continue to stabilize the domestic soybean market in November.
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