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Shouchuang Futures: Hedging pressure increases, Dalian Soybean No. 1 drops sharply
Today, domestic soybeans in the futures market experienced a significant pullback, with the nearby main contract falling more than 2%. After a large increase in the market this week, the spot prices have limited gains; currently, Harbin high-protein soybean quotes are at 4,720 yuan/ton, significantly below the previous July contract price of around 5,000 yuan. Although there was no release of domestic soybean reserves this week, the high price difference between futures and spot prices has increased hedging pressure, with soybean warehouse receipts rising sharply to 14,000 lots, which also triggered a pullback pressure in the market. Overall, the supply and demand pattern of soybean spot remains weak, and if upstream producers continue to support prices and withhold sales, it is expected that prices will not weaken significantly. In terms of operation, the market is showing a high-level, strong oscillation, with the nearby 4,700 support being firm. (First Capital Futures)