New wheat purchase progress slow, market prices remain stable

New wheat purchase progress slow, prices stable Last week new wheat entered the concentrated purchase period, with purchase progress slowing compared with last year, and the minimum purchase price policy dominating the market. Later, as large volumes of new wheat from the main producing areas come onto the market, the supply pressure of grain sources in the circulation market will gradually become prominent; at present, the policy-based purchase progress in the main producing areas is clearly lagging behind the same period last year, which also weakens its squeezing effect on the circulation market, and terminal demand will remain weak in the short term, making it difficult for wheat prices to gain obvious upward momentum.

Imported soybean prices continue to fall Last week the port distribution price of imported soybeans continued to fall. Although CBOT soybean futures prices rose sharply, downstream demand for imported soybeans in China was weak, and against the background of supply exceeding demand, imported soybean prices found it difficult to stage a rally. Affected by weather speculation, CBOT soybeans continued to rebound and push higher this week, with the market worried that delayed planting may affect the planted area of the new soybean crop, but looking at historical data, in El Nino years the U.S. soybean yield level is generally on the high side, and the later trend of CBOT soybeans still needs attention to weather changes in the U.S. Midwest.