Soybean imports to be restricted (3)

08:34, April 01, 2010      

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Zhao Guangyi, a soybean farmer in Yichun, Heilongjiang Province, told the Global Times that he could only make between 10,000 yuan ($1,464) and 12,000 yuan ($1,757) a year by planting soybean due to the complicated procurement procedures and low price.

The current government procurement price for soybeans is approximately 3.74 yuan ($0.54) per kilogram, while the cost for planting soybeans can reach 3.4 yuan ($0.49) per kilogram, according to Zhao.

Foreign capital manipulation of China's soybean market can be traced back to 2004 when soybean prices were driven to as high as 4,300 yuan ($629) per ton by futures trading speculators on hearing the news that China's purchase mission was expected to buy 2.5 million tons of soybeans.

Less than one month after the mission finished purchasing, the prices of soybeans dropped to 3,100 yuan per ton. About 50 percent of Chinese oil refineries closed after incurring huge losses. As a result, some 70 percent of Chinese oil refineries are under the control of international companies.

Apart from massive imports of soybeans, foreign genetically modified seed imports also raise concern among ecologists and experts.

Experts have long called for measures to deal with the current situation.


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(Editor:赵晨雁)

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