SunSirs: Weak Performance of China Domestic Soybean Market in March
March 28 2024 11:05:50 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, the overall domestic soybean market has been weak and stable since March. On March 1st, the average market price of domestic soybeans was 4,746 RMB/ton, and on March 26th, 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 region was still Jiusan Group, with a weak and stable market situation, a decrease of nearly 1% overall compared to early March.
On the week of March 21st, the supply of new grains in the market declined, and the demand for terminal soybean products was average. Purchase and sales were weak, and the domestic soybean market continued to operate steadily, with an average market price of 2.35 RMB/500g.
At the end of the month, the demand for terminal soybean products was flat, and the main production area market was sluggish in terms of purchase and sales. The purchase price of national reserves supported the market, and the soybean market continued to operate steadily with relatively small fluctuations.
According to agricultural product analysts from SunSirs, the supply of soybeans in the new season has decreased, and high-quality grain sources in the market are scarce. The domestic soybean market will continue to operate steadily in the future.
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