SunSirs: Supply is Tightening, China Domestic Soybean Market is Strong
May 23 2024 16:09:19 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, starting from May, the domestic soybean market fluctuated and steadily rebounded. On May 1st, the average market price of domestic soybeans was 4,732 RMB/ton. On May 22nd, the average market price of domestic soybeans was 4,800 RMB/ton, with a price increase of 1.44%.
After the May Day holiday, domestic soybeans in the main production area of Heilongjiang have started to be sown one after another. The supply of aged soybeans in the market is relatively tight, and the purchase and sales are cold. The purchase price of national storage warehouses is stable, and the market price of domestic soybeans continues to be around 4,700 RMB/ton, with slight fluctuations. The market has risen slightly compared to before the holiday, and the market is strong.
Approaching mid May, farmers are busy cultivating soybeans, and the market supply is tightening. The domestic soybean market has slightly increased, and the average market price has risen to 2.4 RMB/500g, heating up the market.
In late May, the auction transactions of State owned soybean reserves were average, and the 93 purchase was still ongoing, coinciding with spring sowing. The market was sluggish with sluggish sales and a stable market operation.
Agricultural product analysts from SunSirs believe that with the launch of the National Reserve Auction, the domestic soybean market may gradually decline in the future.
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