Shouchuang Futures: Market sentiment weakens, domestic soybean prices decline again

K-LinePoet · 2026-04-03T01:04:10+00:00

Today, domestic soybean futures continued to decline, with the nearby main contract dropping by 1.60%. At the same time, funds shifted from May to July contracts. The large-scale auction by China National Grain and Oil Food Corporation (COFCO) suppressed market sentiment, and the spot market also experienced a continuous pullback. In Harbin, the spot price for 39 protein soybeans was lowered to 4,680 yuan/ton. However, based on recent storage release bottom prices, there is support around the 4,500-4,600 yuan range. Fundamentally, the spot market remains tight, and policy support persists, so it is recommended to close short positions on dips. Keep an eye on whether the bottom prices for storage release by COFCO will be further lowered. (First Capital Futures)

K-LinePoet

2026-04-03 01:04:10

Today’s domestic market for soybeans has fallen again, with the front-month futures contract dropping 1.60% near the recent multi-month low, while funds shifted positions from May to July. Large-scale auctions by Sinograin have weighed on market sentiment, and the spot market has also shown a sustained pullback. In Harbin, the spot price of 39% protein soybean has been cut to 4,680 yuan per ton. However, judging from the recent reserve auction floor prices, there is support in the 4,500–4,600 range. From a fundamentals perspective, spot tightness and policy support factors are still in place. Therefore, it is recommended to take profit on existing short positions on dips as the primary strategy. Keep an eye on whether Sinograin’s reserve auction floor prices will be lowered further in the future. (CICC Futures)

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