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Soybean price stable despite tariff dispute

by 5m Editor
17 January 2019, at 12:00am

The price of soybeans did not see big fluctuations last year, despite the drastic fall of imports from the United States following a tariff increase, the Ministry of Agriculture and Rural Affairs said on Wednesday.

Prices of imported soybeans in China increased by 6 percent between January and November last year, from 3.34 yuan to 3.54 yuan ($0.49 to $0.52) per kilogram, before falling to 3.42 yuan per kilo in December, Tang Ke, chief of market and information at the ministry, said at a news conference.

Government departments and enterprises took various steps last year to reduce the impact of reduced imports from the US. Moves included increasing imports from other countries, such as Brazil, and promoting the use of soybean substitutes in the feed industry to reduce demand, he said.

China relies heavily on imported soybeans, most of which are used to produce animal feed or vegetable oil. More than 80 percent of soybeans consumed in China are imported.

Tang predicted that China will have an adequate soybean supply from imports, citing increased planting this year in China and other countries, such as Argentina, and adequate stocks in the US, a major soybean producer.

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Source: China Daily