Soybean exports to China have been the primary demand factor here. As the chart shows, China's consumption and exports took off for outer space in the late 1990s. What's favorable for soybeans versus corn is that China decided to be self sufficient incorn, but makes no attempt to do so in soybeans. As the production line shows, soybean production is actually lower now in China than it was in 1994. It's committing more land to corn, and as long as consumption continues to increase, China will stay on course as our major buyer.
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