SunSirs: Poor Demand, China Domestic Soybean Market was Weak and Declining
August 16 2023 14:15:44 SunSirs (Selena)
According to monitoring data from SunSirs, since August, the domestic soybean market has been declining weakly, with a decline of over 1%. On August 1st, the average market price of domestic soybeans was 5,300 RMB/ton. On August 15th, the average market price of domestic soybeans was 5,240 RMB/ton, a decrease of 1.13%.
After August, the temperature continued to rise, resulting in poor demand for terminal soybean products. In addition, the auction of state-owned soybean reserves continued, leading to a lack of confidence in the market and loose supply, resulting in a decline in soybean market transactions and a weak downward trend. The domestic soybean market quotation in the main production areas slightly corrected, with prices remaining around 2.6 RMB/500g, and the overall weak adjustment of the market.
SunSirs agricultural product analyst believes that in the off-season of terminal demand, the domestic soybean market will continue to weaken in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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