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BEIJING: Soybean prices in the growing regions of Heilongjiang have been steadily recovering.

The National Grain and Oil Information Center forecasts that the domestic soybean area will decline by 6.9% year-on-year in 2021 and production by 6.1% to 18.4 million tonnes.

Currently, downstream demand is weak, off-season consumption is pronounced, and market trade volume is sluggish. Market participants do not expect soybean prices to fall.

The main buyer of soybeans is the China Reserves Grain Cooperation. Due to the government-fixed purchase price combined with large purchase volumes, the China Reserves Grain Cooperation has a strong steering effect on the domestic soybean market.

Current Market Price in China for Chinese soybean

Product Name soybean
Type Non-Gmo
Grade A
Moisture 12% max
Package 25kg paper bag
Purity 99.5%
Loading 22mt /20GP
Fob Dalian Usd 1010/mt
Delivery 20 days after the contract

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