According to the Market Warning Expert Committee of the Ministry of Agriculture and Rural Affairs, based on customs data, the import volume of soybeans for the 2023/24 fiscal year will be increased by 2.45 million tons to 104.74 million tons in November 2024.
In November 2024, no adjustments will be made to the market supply and demand data for 2024/25.
The harvest in the main soybean producing areas in China is coming to an end, and new soybeans are concentrated on the market with sufficient supply. The protein content in the southern production areas is relatively high, and the characteristics of high quality and good price are obvious.
China Grain Reserves Corporation, 93, and COFCO Trading have entered the market for procurement, and the market atmosphere has become more active compared to the previous period, with an accelerated pace of purchase and sales.
The new season soybean production in the United States has set a record high, with improved weather conditions in South American soybean producing areas, accelerated sowing, and loose global soybean supply.
In addition, according to the market prices of products in the circulation field released by the National Bureau of Statistics, the national soybean price in October 2024 was 4084.4 yuan/ton, a decrease of 6.95% compared to the previous month, and a continuous decline for five months;
A year-on-year decline of 16.05%, marking 22 consecutive months of year-on-year decline, and the lowest price since March 2020, which is also the lowest price in over 4 and a half years.
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