April 6, 2004,
just-food.com: Soybean prices continue to rise,
as a U.S. shortage has pushed prices up over $10 a bushel.
The increased cost for soybeans, double what is was
just seven months ago, is beginning to take effect on
A 32-once bottle of Crisco cooking oil is up 21% since
November, as are the price tags on other soy-based products
such as vegetarian burgers and soy milk. Food experts
are predicting a 5-10% increase in soy-based foods this
year, reported Dow Jones Business News.
The US domestic soybean shortage is a result of smaller
soybean harvest in 2003 due to the effects of dry weather.
The shortage was compounded by higher demand for US
soybeans in China, which mainly uses the crop as livestock
feed. China has acquired a record 300 million bushels
of US soybeans since September, representing 13% of
all soybeans produced in the US last year.