Soybean rebounded slightly

On Friday (November 11), Dalian soybean futures rebounded slightly. The main contract A1209 opened at 4,300 yuan/ton, and at midday, it closed at 4,307 yuan, up 9 yuan from the settlement price on the 10th.

Affected by the uncertainties in the EU and the rapid progress of planting in South America, the overall trend of the beans remained weak. Operation, the long-term line below 4300 yuan can choose to enter the market, short-term wait and see.

At present, the domestic northeast soybeans have been harvested, but the purchase and sale of soybeans has reached an impasse. Due to expectations of high prices, farmers are generally reluctant to sell, and corporate acquisitions are difficult. This stalemate has reduced the enthusiasm of traders and crushers' purchases, and has stopped buying and waiting for prices to fall. At present, domestic soybean stocks are still at a high level, and the downstream aquaculture industry demands more pressure on the soybean meal market. It is expected that the short-term soybean futures price will continue to maintain a weak market adjustment in the short term, and the spot begins a wave of new weak shocks under the shadow of the USDA report and the rekindling of economic problems.

The data released by the General Administration of Customs on November 10 showed that China's soybean imports in October were 3.81 million tons, with a total import of 41.52 million tons from January to October, a year-on-year decrease of 5.4%. This is the third consecutive month of decline in soybean imports since July this year. In July of this year, China’s monthly soybean imports reached 5.35 million tons, the import volume hit a new high this year, after which soybean imports fell to 4.51 million tons in August and fell to 4.13 million tons in September. Obviously, the decline in soybean imports has a lot to do with high domestic inventory and sluggish consumer spending.