Effect of raised tariffs on soybean prices kept under control

China did not witness big fluctuations in soybean prices last year despite the impact of raised tariffs on soybean imports from the United States, the Ministry of Agriculture and Rural Affairs said on Wednesday. 

The price of imported soybeans rose by 6 percent between January and November last year, from 3.34 to 3.54 yuan per kilogram, before falling to 3.42 yuan per kg in December, Tang Ke, the ministry's market and information chief, told a news conference.

Soybean imports from the US fell significantly last year due to raised tariffs, but government departments and enterprises took various measures to reduce the impact, including increasing imports from other countries, such as Brazil, and promoting soybean substitutes to reduce demand for soybeans. 

China relies heavily on imported soybeans as a source of raw material for edible oil and animal feed. 

Tang forecast that China will have an adequate supply of soybeans this year, citing reasons such as an expected increase in imports from countries such as Argentina, adequate supply from the US, a major soybean producer, and an increase in domestic cultivation.