Spot price support and market sentiment resonate, with the Soybean No. 1 reaching new highs again

K-LinePoet · 2026-03-10T10:55:36+00:00

Today, Soybean No. 1 opened up over 5%, reaching a high of 4937 points, influenced by rising spot prices and market sentiment. The soybean prices at the origin have rebounded, and the surge in oil and oilseed prices has driven Soybean No. 1's trend. Overall, it is recommended to be cautious about the excessive rise of Soybean No. 1, and it is not advisable to go long at high levels.

K-LinePoet

2026-03-10 10:55:36

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Today, soybean futures opened with a surge of over 5%, with the May contract reaching a high of 4,937 points, mainly driven by rising spot prices and market sentiment. Recently, spot prices have started to strengthen slightly again, with domestic 39-protein soybeans priced at 4,600-4,700 yuan/ton. As downstream demand gradually warms, domestic prices have also edged higher. Additionally, market sentiment is resonating, influenced by a sharp rise in crude oil prices, leading to a surge in limit-up moves for oil and oilseed products in the domestic market today. The limit-up of Soybean Meal and Soybean Oil also contributed to the upward trend of soybean futures. Overall, we recommend exercising caution regarding the excessive rise in soybean futures, as the current spot supply and demand situation does not support a significant premium of futures over spot. It is not advisable to go long at high levels. (First Innovation Research)

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