Domestic soybeans performed strongly in May, prices continued to rise, and began to callback at the end of the month. Domestic soybeans rose 1.91% throughout May. Beginning in June, domestic soybeans continued to weaken. As of June 9, the average market price of domestic soybeans was 5,673 yuan/ton, down 0.47% from the beginning of the month.
According to the monthly monitoring chart from January 2020 to May 2021, the price of domestic soybeans has been rising in the first seven months of 2020, with the largest increase in March. Domestic soybeans from January to May of 2021 are obviously not as strong as 2020.
After the Spring Festival in 2021, soybean prices have maintained an upward trend, with a maximum weekly increase of 7%. Affected by the weakening of the soybean futures market, the price increase of domestic soybeans was suppressed. At the end of March, domestic soybeans started a downward trend. In April, domestic soybeans continued the weak market at the end of March, and the price has fallen to about 2.8 yuan/jin. After May Day, the domestic soybean market remained stable. On the 11th, China National Grain Reserves announced that domestic soybeans returned to the rising market. The market rebounded. The soybean market began to weaken at the end of the month. The domestic soybean market was weak and stable in June.
China Grain Storage enters the market to acquire domestic soybeans in May
In May, many of China Grain Storage's direct-owned warehouses issued acquisition announcements one after another, the purchase price was about 2.8 yuan/jin. The acquisition of China National Grain Reserves started, and the State Reserve supported the market. Market confidence increased, and the domestic soybeans rose again. At the end of the month, the demand for terminal soy products fell, domestic soybean prices remained high, and market transactions were average. Coupled with the decline in soybean futures prices, the domestic soybean market pulled back slightly.
It is believed that after the Dragon Boat Festival, domestic soybean terminal demand is weak, and the market outlook is still insufficient.