SunSirs: China Domestic Soybean Market continued to Decline in January 2023
January 29 2023 10:04:14 SunSirs (Selena)
According to the monitoring data of SunSirs, after the New Year's Day, the domestic soybean market fluctuated and fell. At the beginning of the month, the average price of domestic soybean market was 5,600 RMB/ton; On January 28, the average market price of domestic soybeans was 5,400 RMB/ton, down 3.57%.
After the New Year's Day, the demand for terminal soybean products turned weak, and some national storage depots successively lowered the purchase price of domestic soybeans, which was dominated by multiple negative effects. The domestic soybean market fell in response, with the price at 2.7-2.75 RMB/500g. In addition, as the Spring Festival is approaching, the acquirer's willingness to enter the market is general, the market turnover turns weak, and the domestic soybean market is mainly weak and stable.
During the Spring Festival, the purchase and sale of domestic soybeans stopped and the market remained stable. After the holiday, the State Reserve lowered the purchase price of domestic soybeans again, and the purchase price in some regions was as low as 2.65 RMB/500g, with the market continuing to decline.
SunSirs agricultural product analyst believes that in February, the demand for terminal soybean products has rebounded, and farmers' enthusiasm for entering the market has increased. The domestic soybean market may rise slightly in the future.
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