Soybean prices have risen, and profits of processing and breeding industries have both fallen

Abstract: Since the outbreak of the global new crown pneumonia epidemic, the international soybean planting area has decreased, coupled with poor international shipping and tight logistics, which have pushed international soybean prices to continue to rise. Domestic soybeans are not as profitable as corn and other crops, and farmers' enthusiasm for soybeans has been declining, resulting in a shrinking soybean planting area, leading to rising domestic soybean prices. 

According to analysis by industry insiders, higher soybean prices will help restore farmers’ confidence in planting soybeans, but it has also resulted in a decline in profits for soybean processing companies and losses in breeding companies. 

Keywords: soybean, price, soybean protein, soybean meal 

Related products for this article: Soy protein 



Soybean prices rise, processing companies' profits fall 

Heilongjiang Province is China's main soybean producing area, and its output accounts for nearly half of domestic soybeans. It is very concerned about the price changes of international soybeans. 

According to Mr. Tang, President of the Soybean Association of Heilongjiang Province, the prices of soybeans and other commodities have risen due to various factors. From 4,375 yuan per ton in early October 2020 to 6,316 yuan per ton, the highest point in early March 2021, an increase of 44%. Although there has been a decline since then, the overall trend has been high and wide fluctuations. 

It is understood that at present, soybean prices in the United States, Brazil, Argentina and other countries have increased significantly. At the same time, Northeast soybeans are affected by the weather. This year, the soybeans will have more rain during the mature period. The soybean planting area has been seriously affected. The production of some plots has been reduced significantly. The output reduction is expected to exceed 20%. This will result in a tight supply and demand of domestic soybeans and further increase in prices. 

Mr. Tang said that in the past two years, China has imported about 100 million tons of soybeans each year, with an import dependence of more than 90%. The rising international soybean prices have had a certain impact on the mid- and downstream companies in China's soybean industry. 

As a research and development and production of soybean protein and its raw material processing enterprise, China Foodstuff & Protein Group Co., Ltd. produces 15,000 tons of non-GMO soybean protein annually, and the products are sold to more than 40 countries and regions including the United States, Japan, the European Union, and Russia. 

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