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Safeguarding Soybean Independence

Xinmin Weekly July 3, 2022

By NewsChina Updated Sept.1

China will increase soybean production to ensure grain safety amid continuing trade friction with the US and regional volatility caused by the Russia-Ukraine war. As one of the country’s strategic agricultural products, soybeans are served at the dining table or processed as edible oil. Leftovers from the refineries provide an important source of feed for livestock and poultry. As a major soybean importer, China would have been affected by export restrictions on agricultural products imposed by more than 20 countries, including Argentina, Kazakhstan and India, due to the interruption in grain exports from Ukraine, the world’s third-largest granary, had it not subsidized its soybean farmers with 3,720 yuan (US$555) per hectare this year. The expansion of soybean planting aims to win China a bigger role in the international futures market.