Starting from August 3, the domestic soybean market rose slightly. On the 3rd, the average market price of domestic soybeans was 5,733 yuan/ton, and on August 17, the average price of domestic soybeans was 5746 yuan/ton, a price increase of 0.23%.
Futures market pulls domestic soybean market to pick up
Since August, the 2020 new season soybean surplus has bottomed out, and the supply is tight. The market is mainly for the acquisition of China National Grain Reserve, with limited market transactions. Recently, logistics freight rates have risen, and traders are mainly selling prices. Heilongjiang Provincial Reserve Auctions have gradually ended. Domestic soybean market purchases and sales are weak, and the market is weak and stable.
In the middle of the month, due to the bullish USDA report in August, the US soybeans ushered in a surge, and the domestic soybean futures market ushered in a rise. Driven by the futures market, domestic soybeans ushered in a slight increase. The mainstream price of gross grains was 2.76 yuan per 500g, commodity soybeans. The mainstream quotation was 2.83-2.88 yuan/500g, and the price rose by 0.3 yuan/500g.
Pulled by the futures market, supply is tight, and domestic soybeans still have room to rise in the market outlook.