SunSirs: Under the Leadership of Bearish Factors, the Domestic Soybean Market Was Weak and declined
April 18 2023 10:09:00 SunSirs (John)
Price trend
According to monitoring data from Business Society, since April, the domestic soybean market has continued to oscillate and decline, with a decline of nearly 2%. At the beginning of the month, the average market price of domestic soybeans was 5,550 RMB/ton. On April 14th, the average market price of domestic soybeans was 5,450 RMB/ton, with a price drop of 1.8%.
Under bearish pressure, the domestic soybean market was weak and declining
After April, the price boost effect of the State Reserve's acquisition was limited, the demand for terminal soybean products weakened, market trading volume declined, and the domestic soybean market continued to decline. The mainstream quotation in the main production area market was 2.7-2.75 yuan/jin, and the market was weak and consolidating. The purchase price of the national reserve still remained at 2.75 to 2.775 yuan/jin, traders purchasing price was slightly lower, and the overall market situation was weak
Market outlook
Agricultural product analysts from Business Society believe that the demand for terminal soybean products was still sluggish, and the domestic soybean market will continue to decline weakly in the future.
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