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Capital Futures: Long positions closed, soybean No. 1 significantly pulled back.

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Today, the domestic Soybean No. 1 market experienced a sharp decline. The September main contract fell by 1.59%, with the decline accompanied by a reduction in open interest. There was significant selling pressure around 4850 on the chart. Fundamentally, the spot market continued its weak but stable pattern, with 39-protein soybeans quoted at 4580 yuan per ton in Harbin. Reserve auctions are ongoing, with the Heilongjiang provincial reserves continuously selling off old soybeans from 2022, further alleviating the short-term spot supply shortage. Meanwhile, alongside the earlier rebound in Soybean No. 1 prices, warehouse receipts for Soybean No. 1 continued to increase significantly, indicating notable hedging pressure. Overall, tight inventories and the floor price of reserve auctions limit downside space, but the weak spot market situation also caps upside potential. It is expected that Soybean No. 1 will fluctuate in the 4650-4850 range. (Capital Futures)
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