SunSirs: Negative News, China Domestic Soybean Market is Weakening
March 15 2024 13:44:27 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, the domestic soybean market has continued to weaken since March. On March 1st, the average market price of domestic soybeans was 4,746 RMB/ton, and on March 14th, the average market price of domestic soybeans was 4,700 RMB/ton, with a price drop of 0.97%.
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.
On the week of March 14th, the main buyer of domestically produced soybeans in Heilongjiang Province was still the 93 Group, with a weak and stable market situation, a decrease of nearly 1% overall compared to early March
Agricultural product analysts from SunSirs believe that the supply of surplus soybean in the new season has decreased, and the demand for terminal soybean products has remained stable. It is expected that the domestic soybean market will remain stable in the future, with weak upward momentum.
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