In 2004, in the related reports of international soybean futures and soybean processing industry in China, such statements as "international funds hunt China at a high level", "China imports American soybeans at a high price", "China spends hundreds of millions more at a high price" and "China enterprises' prices fall after signing purchase contracts" have been circulating in domestic industries.
In the first half of 2004, CBOT soybean price once rose to a new high in 30 years, and many domestic soybean processing enterprises signed purchase contracts at this peak price. But then the price quickly fell back, with the biggest drop of about 50%.
Whether USDA manipulates soybean prices has always been a topic of concern in the futures market. This is mainly because the data reports regularly released by USDA often change, which affects the quotation of CBOT. Due to the correlation of futures prices, the futures and spot prices at home and abroad also change. Therefore, when China or market participants suffer losses due to the change of USDA report, whether USDA manipulates the market naturally becomes the topic of the market. At the same time, the same problem also appeared in other agricultural products, such as cotton.
China's "US Department of Agriculture"
According to relevant sources, the China Municipal Government has agreed that the China Grain, Soil and Livestock Industry Association should assume the responsibilities similar to those of the US Department of Agriculture, and conduct statistics and release relevant figures on soybeans.