在黑龙江海伦一家有着十几年经营历史的大豆油压榨厂，记者看到，本应该忙碌的工厂现在却选择了停产检修。负责人告诉记者，目前，进口大豆到港均价 在3900元/吨左右，较国产高油大豆价格低100-200元/吨，且进口大豆出油率比国产高油大豆高出2-3个百分点，这让压榨国产大豆的油厂在原料的收购上愈 发谨慎。 与海伦油厂的冷清形成鲜明对比，在山东禹城，一家大豆精深加工的企业正迎来生产旺季。这家企业产品涵盖大豆分离蛋白、植物肉、功能饮料等多个品 类，精准瞄准进口大豆难以替代的需求市场。随着消费市场需求升温，企业已逐步加大新豆采购力度。 （央视财经《经济信息联播》）随着国产大豆大量上市，叠加进口大豆持续稳定到港，我国大豆产业链下游加工企业正面临"双源供给"下的差异化竞争格 局。伴随着我国的消费升级，围绕国产大豆价值挖掘的产业升级正在上演。 海关数据显示：2025年1-10月，我国进口大豆9568.2万吨，同比增加6.4%。专家表示，近年来，随着产业链条不断延伸，我国对大豆的整体需求量将稳步提 升。 山东禹城某大豆加工企业负责人 张静：自新季大豆上市以来，我们采购量5万多吨，其中高蛋白大豆采购比例占到30%以上，与去年同期相 ...

文 | 古书奇谭 编辑 | 古书奇谭 20年前，中国大豆产业差点垮掉，85%加工产能被外资攥着，全行业亏了80多亿，近千家油商倒闭。 国际粮商手握定价权，差点左右我们餐桌价格，这场没硝烟的战争，我们是怎么从被动挨打，把定价权抢回来的？ 外资布下的大豆陷阱 2003年夏天，国内大豆价格稳定在每吨2300元，表面风平浪静，实则一场针对中国的资本围猎已经悄悄启动。 这时候距离中国加入WTO刚满两年，大豆市场的关税壁垒和进口配额限制正在逐步取消，就像自家菜园子敞开了大门，而国际ABCD四大粮商早已经做 好了准备。 这一切的导火索，源于中美经贸关系的一波波折，当时美方突然对中国纺织业设限，为了缓和局势，中国决定派采购团去美国买大豆和棉花。 可谁也没料到，这个消息被直接登报公开，一下给了国际资本可乘之机。 芝加哥期货交易所里，中国要采购150万吨大豆的消息很快传开，紧接着美国农业部就发了公告，说受天气和虫灾影响，大豆产量要创近20年最低。 一边是需求突然增加，一边是供给宣称告急，再加上华尔街资本在背后推波助澜，美国大豆价格直接像坐了火箭，从2003年8月的2300元/吨，短短半年就 涨到4400元/吨，几乎翻了一倍。 国 ...

大家好，今天犀哥这篇财经评论，主要来聊聊大豆这二十年的博弈。粮食这事跟咱们每个人都有关系。中国作为最早种大豆的国家，当初咋就沦落到要靠进 口，还被人卡脖子呢？ 这事真没啥可回避的，上世纪90年代那会儿，国内畜牧业和大豆加工业突然火了，对大豆的需求一下就上来了，但咱自己的大豆种植却没跟上。 那时候中国大豆产业的"装备"确实不行：东北那边种大豆，大多还是小农户零散种，没什么规模化种植技术，机械化水平也低，每吨生产成本比美国大豆高 出近240元，别人用的是全自动收割机，咱还靠人工镰刀，这效率、成本怎么比？ 2001年12月11日中国加入WTO，大豆市场按规矩逐步取消关税壁垒和进口配额限制，这一下就相当于把自家菜园子的门敞开了。 进口配额原本就像一道"防护栏"，能拦着外面的货随便进，保护自家产业，可当时为啥要取消呢？ 中国大豆产业从一开始就不行吗？ 一是那时候大豆主要就用来榨油，用途单一；二是国内耕地就那么多，得先保证水稻、小麦这些主粮够吃，大豆单产低，实在没法跟主粮抢地。 可咱那时候没意识到，国际上那些粮商，比如ABCD四大粮商，早就把"装备"升满了等着呢。 美国用转基因技术培育出含油率更高的大豆品种，密西西比河流 ...

Core Viewpoint - The article explores the historical significance and evolution of soybean production and trade, particularly focusing on China's role from being a major exporter to becoming a significant importer, and the implications of global market dynamics on this commodity [5][18][25]. Group 1: Historical Context of Soybean - In 1873, China showcased soybeans at the Vienna World Exposition, marking the beginning of its international recognition [5][8]. - By 1920, Northeast China's soybean production accounted for 88% of the world's total, with significant exports to Japan and Europe [11][9]. - The rise of soybean as a crucial economic resource for China coincided with political turmoil, leading to infrastructure developments like the Fenghai Railway [12][10]. Group 2: Shift in Global Dynamics - In the 1990s, China transitioned from a soybean exporter to an importer, influenced by the economic reforms and the entry into the WTO in 2001 [26][27]. - The 2003 drought in the U.S. led to a spike in soybean prices, resulting in significant procurement contracts from China, which later faced losses due to market corrections [28][30]. - By 2004, the number of soybean processing companies in China drastically reduced, with many being controlled by multinational corporations [31][33]. Group 3: Recent Developments and Future Outlook - In 2019, China initiated the "Soybean Revitalization Plan," aiming to increase domestic production and reduce reliance on imports [45]. - Brazil emerged as China's largest soybean supplier, with significant exports recorded in 2025 [46][48]. - The U.S. soybean market faced challenges as China began sourcing from other countries, raising concerns among American farmers about long-term market access [51][52].

Core Viewpoint - The article discusses the severe impact of China's halt in purchasing U.S. soybeans, leading to a crisis for American soybean farmers, despite record-high production levels. This situation is exacerbated by the historical context of U.S.-China trade relations and the strategic shifts in China's agricultural policies [5][7][9]. Group 1: Current Situation of U.S. Soybean Farmers - U.S. soybean production has reached a historical high, yet farmers face a "devastating blow" due to a lack of export orders, particularly from China, which has not placed any orders for the first time in nearly 20 years [5][7]. - In North Dakota, 70% of soybean storage facilities are full, leading to temporary outdoor storage and increased risk of spoilage, with insurance claims exceeding $500 million due to unsold soybeans [6][9]. - The absence of Chinese orders, which typically account for over 50% of U.S. soybean exports, has left farmers in a dire financial situation, struggling to repay loans taken against their crops [9][12]. Group 2: Historical Context and Trade Dynamics - The article outlines the historical shift of China from a soybean exporter to the largest importer, driven by U.S. agricultural policies and the introduction of genetically modified soybeans [14][18]. - The U.S. soybean industry has been heavily reliant on the Chinese market, with average annual imports from China supporting over 200,000 jobs in the Midwest [29][30]. - The trade tensions initiated by the Trump administration, including tariffs on Chinese goods, have led to retaliatory measures from China, significantly reducing U.S. soybean competitiveness [23][30]. Group 3: China's Strategic Response - China has been actively working to reduce its dependency on U.S. soybeans by diversifying its import sources, including increasing purchases from Brazil and Argentina, which offer lower prices and favorable tariffs [25][28]. - The Chinese government has implemented policies to boost domestic soybean production and reduce reliance on imported genetically modified soybeans, with plans to increase planting areas significantly [22][20]. - As of 2025, Brazil has become the largest supplier of soybeans to China, capturing 71.6% of the market share, while U.S. exports have plummeted to 12% [25][28].

Group 1 - The core viewpoint of the article is that Shuanghui Development (000895) has clarified its association with two joint ventures involved in the production and sales of soybean protein products [1] Group 2 - The joint ventures mentioned are Danisco Shuanghui Luhe Soybean Industry Co., Ltd. and Danisco Shuanghui Luhe Food Co., Ltd. [1] - These companies primarily focus on the production of liquid soybean concentrate protein and dry powder soybean isolate protein [1]

Core Viewpoint - Shandong Yuwang Ecological Food Industry Co., Ltd. is transforming the value of non-GMO soybeans through innovative technology and a full industry chain approach, significantly enhancing the agricultural sector and promoting health-conscious food alternatives [1][4]. Group 1: Company Innovations - Yuwang has developed the "Yuwang No. 1" soybean variety, which has a protein content that exceeds that of ordinary soybeans and some foreign varieties, positioning it as a benchmark in soybean breeding in China [1]. - The company has pioneered low-temperature desolventization technology and high gel protein preparation processes, breaking through domestic soybean deep processing technology bottlenecks and challenging international giants in the high-end soybean protein market [2]. - Yuwang processes 600,000 tons of non-GMO soybeans annually, producing 130,000 tons of soybean protein and 20,000 tons of plant-based meat, exporting to over 60 countries and regions [2]. Group 2: Product Development - The company offers over 100 products across four major categories, including soybean oil, defatted soybean powder, ready-to-eat snacks, and food-grade active cleaning agents, maximizing the value derived from soybeans [2]. - Yuwang has developed plant-based protein meat products, such as plant-based beef jerky and shredded vegetarian meat, promoting a health-conscious diet that emphasizes plant protein over animal protein [3][4]. Group 3: Environmental and Health Impact - The shift towards plant-based protein is seen as essential for sustainable development, with Yuwang's production of 120,000 tons of soybean protein saving 6.617 million acres of arable land and reducing carbon emissions by 12.19 million tons compared to equivalent beef protein production [4]. - The company advocates for a dietary shift towards "less meat protein, more soybean protein," aligning with global health trends and environmental sustainability [4]. Group 4: Future Directions - Yuwang is actively involved in national research initiatives aimed at advancing plant-based meat processing technologies, contributing to the high-quality development of China's soybean industry [5]. - The company aims to continue enhancing the soybean industry through high-end and intelligent upgrades, supporting rural revitalization and agricultural modernization [5].

Core Viewpoint - The article highlights the transformation and integration of the Heilongjiang soybean industry, emphasizing the role of modern financial tools like futures markets in enhancing the stability and competitiveness of the industry [1][5][10]. Group 1: Industry Overview - Heilongjiang province accounts for approximately 47% of China's soybean planting area and 45% of its production, making it a crucial contributor to the domestic soybean supply [2]. - The province is known for its high-quality soybeans, which are non-GMO and have high oil and protein content, leading to the establishment of well-known regional brands [2][3]. - The city of Suihua has become a major processing hub, achieving a processing scale of 1.65 million tons and generating sales revenue of 1.88 billion yuan in 2024 [2]. Group 2: Key Enterprises - Weiyi Northeast Company is a leading player in the industry, recognized for its "Weiyi" brand and its market dominance in soybean milk products [3]. - Other notable companies include Jinlong Oil and Dongxue Bio, which have also established themselves as key players in the soybean processing sector [3]. - The product lines of these companies have expanded beyond traditional soybean oil and meal to include soybean protein, dietary fiber, and soybean milk powder, with exports to various regions [3]. Group 3: Government and Association Support - Local governments are actively promoting the soybean industry through policies that enhance production and processing capabilities, including subsidies and support for deep processing enterprises [9]. - Industry associations play a vital role in technology promotion, product standardization, and training for farmers and enterprises to better utilize futures markets [9][10]. Group 4: Futures Market Integration - The integration of futures markets has become essential for soybean processing companies to manage costs and risks, with Weiyi Group adopting futures tools since 2014 to stabilize operations [5][6]. - The company has successfully reduced its raw material costs from 4,800 yuan per ton last year to below 4,000 yuan this year by strategically purchasing soybeans based on futures market signals [7]. - The "insurance + futures" model has benefited soybean growers, providing comprehensive risk management solutions [7][10]. Group 5: Future Prospects - The collaboration among government, associations, enterprises, and financial markets is driving the high-quality development of the Heilongjiang soybean industry [10][11]. - The ongoing transformation is expected to enhance the competitiveness of the industry, contributing to national food security and agricultural modernization [11].

Core Insights - The integration of futures market functions is aiding the stable development of the Heilongjiang soybean industry, which accounts for approximately 47% of China's soybean planting area and 45% of its production [1][3]. Group 1: Industry Overview - Heilongjiang's soybean industry is experiencing significant growth, but market volatility poses challenges for processing companies [3]. - The soybean cost constitutes over 40% of the production cost for soybean milk products, making raw material cost control crucial for companies [3]. Group 2: Futures Market Utilization - Companies like Wewei Northeast are actively using futures tools to lock in costs, guide procurement, adjust inventory, and manage risks [3][4]. - In 2024, Wewei Northeast preemptively purchased tens of thousands of tons of soybeans based on futures market predictions of low prices, employing hedging strategies to secure costs [3]. Group 3: Support for Farmers - The "insurance + futures" pilot program initiated in 2015 has benefited soybean farmers by providing price or income insurance, effectively transferring risks associated with price drops [5]. - Since the program's inception, 41 soybean projects have been supported, covering 72,500 households and insuring 1.0822 million tons of soybeans, with total compensation amounting to 216 million yuan [5]. Group 4: Infrastructure Development - As of June 2025, 14 delivery warehouses have been established in key soybean-producing areas, enhancing participation in the futures market and strengthening relationships with upstream and downstream clients [6]. - The integration of futures and its derivatives into the Heilongjiang soybean industry has improved decision-making and risk management, creating a win-win situation for all stakeholders [6].

Core Viewpoint - The integration of futures market functions is crucial for the stable development of the soybean industry in Heilongjiang, as it helps companies manage costs and risks effectively [1][6]. Group 1: Industry Overview - Heilongjiang accounts for approximately 47% of China's soybean planting area and 45% of its production, making it a key region for soybean cultivation [1]. - The soybean processing industry is facing intense competition, with a significant number of companies and products leading to decreased market purchasing power [4]. Group 2: Company Strategies - The company has adopted futures tools to lock in costs, guide procurement, adjust inventory, and manage risks effectively [5]. - In 2024, the company proactively purchased tens of thousands of tons of soybeans and utilized hedging operations to secure costs, anticipating low prices in the futures market [5]. Group 3: Market Innovations - The "insurance + futures" pilot program initiated in 2015 has supported 41 soybean projects, covering 18 counties and benefiting 72,500 households, with a total insured soybean volume of 1.0822 million tons and cumulative compensation of 216 million yuan [7]. - In 2023, a new "bank-futures insurance" project was launched to provide comprehensive protection for soybean growers from planting to selling [8]. Group 4: Infrastructure Development - By June 2025, 14 delivery warehouses will be established in key soybean-producing areas, enhancing participation in the futures market and strengthening relationships with upstream and downstream clients [10]. - The integration of futures and its derivatives into the soybean industry has improved price discovery, risk management, and created a win-win situation for all stakeholders involved [10].