Shouchuang Futures: Bullish expectations ease, Dalian soybeans pull back from highs

Today, domestic soybean futures continued to decline, with the May main contract settlement price falling by over 2%. The bullish sentiment in the market has eased somewhat, as the National Grain Trade Center announced a new bidding sale of 7,000 tons of domestically produced soybeans. Additionally, the expectation of limited imported soybean supply has weakened, and costs have rebounded. The stalemate in procurement and sales at the origin remains largely unchanged, still reflecting a supply and demand balance of both sides being weak. The price for Harbin 39 protein soybeans remains between 4,800 and 4,900 yuan/ton, and today, the buy and sell transactions for Jiusan soybeans continued to be concluded at a high premium. However, demand remains淡, especially in southern sales regions where consumption is weak. Overall, the short-term pattern of high prices driven by supply and demand battles continues, and prices are expected to fluctuate at high levels. If the state reserves increase auction efforts after the second quarter, the decline in futures prices may deepen. In terms of operations, it is recommended to take profits on long positions when prices rise and to stay on the sidelines for new positions. (First Capital Futures)