China demand fuels soybean price rise

Prices of US soybeans have risen by nearly a third since the beginning of March due in part to strong demand from China, the Financial Times reported. China imports 45% of the world’s traded soybeans and imports comprise more than 70% of its total soybean consumption. Global supplies have tightened due to production problems in Argentina and Brazil, two of the world’s largest suppliers. Soybeans, processed for both food and industrial uses, are also a major constituent of animal feed. In April, China said it would consider broadening restrictions on foreign investment in the oilseed processing sector and raising import tariffs on soybeans.