SunSirs: China Domestic Soybean Market was Weak and Declining in January, 2024
January 26 2024 11:12:32 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, after New Year's Day, the domestic soybean market continued to decline, and the domestic soybean market continued to weaken throughout January. On January 1st, the average market price of domestic soybeans was 4,850 RMB/ton. On January 25th, the average market price of domestic soybeans was 4,752 RMB/ton, with a price drop of 2.02%.
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 the latter half of the year, as the Spring Festival holiday approaches, some acquiring entities are gradually stopping their acquisitions, and the market purchasing and sales are nearing their end. The domestic soybean market continues to operate steadily, with a mainstream quotation of 2.38 RMB/500g, with slight fluctuations in the market and weak consolidation as the main trend.
SunSirs agricultural product analyst believes that as the Spring Festival approaches, the purchase and sales of domestic soybeans will gradually stop, and the domestic soybean market will continue to operate steadily in the future.
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