The rise in crude oil prices drives up the cost of agricultural materials such as chemical fertilizers and agricultural machinery oil, thus pushing up the prices of agricultural products; (2) The price of crude oil substitutes has risen: the price of crude oil has risen, and the industrial demand for fuel ethanol and biodiesel as substitutes has risen, pushing up the prices of some agricultural products. (The increase of soybeans in 2007-2008 is related to the increase of soybeans used in biofuels. )
Effect of pig cycle on soybean demand. When the price of pork is high, farmers can bear higher prices. When pork prices are low, farmers' tolerance for feed prices is limited. At the same time, when the price of pork drops, farmers can easily use more soybean meal substitutes.
In-depth analysis of the main factors affecting the rise and fall of soybeans