SunSirs: The Spring Festival is Approaching, China Domestic Soybean market is stable
January 24 2024 10:35:42 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, after New Year's Day, the domestic soybean market has continued to decline and weakened. As the Spring Festival approaches, domestic soybeans have gradually weakened and stabilized. On January 1st, the average market price of domestic soybeans was 4,850 RMB/ton. On January 22nd, 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/500g to 2.38 RMB/500g, and the market continues to operate weakly.
In late January, the Spring Festival holiday is approaching, and some acquiring entities are gradually stopping their acquisitions. The market purchase and sales are nearing completion, and the domestic soybean market continues to operate steadily, with a mainstream quotation of 2.38 RMB/500g.
SunSirs agricultural product analyst believes that as terminal demand weakens, the domestic soybean market will continue to operate steadily in the future.
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