SunSirs: Poor Terminal Demand, Domestic Soybean Market Declines
January 18 2024 10:05:23 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, after New Year's Day, the domestic soybean market has been continuously declining, and prices continue to decline. On January 1st, the average market price of domestic soybeans was 4,850 RMB/ton. On January 16th, the average market price of domestic soybeans was 4,760 RMB/ton, with a price drop of 1.86%.
After New Year's Day, the demand for terminal soy products continues to decline. The main production area in Heilongjiang Province is affected by cold weather and snowfall, resulting in increased transportation costs and a sluggish market. Trade entities are cautious in entering the market, while farmers are reluctant to sell. The market circulation of grain resources is limited, and the domestic soybean market continues to decline. The average market price has dropped from 2.45 RMB/jin to 2.38 RMB/jin, and the market continues to operate weakly.
SunSirs agricultural product analyst believes that due to poor terminal demand, the domestic soybean market will continue to operate weakly in the future.
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