SunSirs: National Reserve's Purchase Price Lowers, China Soybean Market Weakens
March 07 2024 10:18:16 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, the domestic soybean market continued to decline weakly in early March. On March 1st, the average market price of domestic soybeans was 4,746 RMB/ton, and on March 6th, the average market price of domestic soybeans was 4,710 RMB/ton, with a price drop of 0.76%.
The purchase price of national storage facilities has been lowered, and the domestic soybean market continues to be weak and declining
In early March, the storage range of Jiusan oil gradually increased, and the purchase price was lowered. The domestic soybean market saw a recovery in purchase and sales, and transactions rebounded. On March 6th, the domestic soybean prices in the main production area of Heilongjiang Province were around 2.3-2.35 RMB/500g, with good sales and a weakening market.
Agricultural product analysts from SunSirs believe that there is still pressure on the supply of surplus grain in the market, and national storage warehouses are gradually launching acquisitions. The acquisition prices are stable in the market, and it is expected that the domestic soybean market will continue to weaken in the short term, with upward pressure.
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