SunSirs: The Domestic Soybean Market Continued to Decline Weakly in May
May 29 2023 10:06:06 SunSirs (John)
Price trend
According to the market analysis system of SunSirs, since May, the domestic soybean market has continued to decline weakly, with a decline of over 2%. At the beginning of the month, the average market price of domestic soybeans was 5,400 RMB/ton. On May 26th, the average market price of domestic soybeans was 5,250 RMB/ton, with a price drop of 2.78%.
Poor terminal demand led to a decline in domestic soybean market
Since May, the demand for terminal soybean products has weakened, market trading volume has declined, and the domestic soybean market continued to decline due to weakness. The mainstream quotation in the main production area market was 2.6 to 2.65 RMB/jin, with the market being mainly weakly declining. The purchase price of national storage tanks remained at 2.75-2.775 RMB/jin, while the acquisition prices of traders fell, and the overall market situation was weakened.
In the middle of the month, due to the lack of confidence in the market by the acquisition entity, the market transactions were average, and the market fluctuations were relatively small. The domestic soybean market in the main production area continued to offer around 2.6 RMB/jin, and the market remained weak and downward until the end of the month.
Market outlook
Agricultural product analysts from SunSirs believe that the demand for terminal soybean products continues to be sluggish, and the domestic soybean market will continue to weaken in the future.
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