SunSirs: State Owned Reserves Opened Up, China Domestic Soybean Market Rebounded
November 09 2023 14:30:37 SunSirs (Selena)
According to monitoring data from SunSirs, the domestic soybean market has gradually rebounded since October 23rd. In November, national reserves entered the market, and the domestic soybean market rose by over 2%. On October 23rd, the average market price of domestic soybeans was 4,900 RMB/ton. On November 7th, the average market price of domestic soybeans was 5,020 RMB/ton, an increase of 2.45%.
Starting from the end of October, new season soybeans have been launched one after another, with growers busy harvesting and market participants watching. The domestic soybean market is mainly stable. In early November, the national storage warehouse opened and the opening price was 2.51 RMB/500g, an increase from the domestic soybean price in October, and the soybean market rebounded. Due to the decrease in the price of Guochu Kailiang compared to previous years, some acquirers still hold a cautious attitude, and the market is dominated by price and no market, with a stable market situation.
SunSirs agricultural product analyst believes that the domestic soybean market will remain stable in the short term, with the national reserve price lower than market expectations and farmers reluctant to sell. It is expected that there is still room for improvement in the domestic soybean market in the future.
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