BEIJING: China's 2018 soybean output will increase 1.9 percent year-on-year to 15.18 million tonnes, according to a report issued by the early warning expert committee of the Ministry of Agriculture and Rural Affairs on Friday
Higher soybean output will be driven by more planting as farmers respond to government policy to increase output of the oilseed, it said
Soybean farmers in China's northeastern provinces will get higher subsidies than corn producers this year as Beijing continues a policy set last year to reduce its huge corn stockpile.
Soybean acreage is expected to rise 1.1 percent to 124,22 million mu or 8.2813 million hectares (20.5 million acres)
Corn output will increase 1 percent to 218 million tonnes, the report also showed.
High corn prices this year mean farmers will make nearly twice as much by growing corn, even allowing for increased soybean subsidies, according to estimates from five analysts, farmers and industry experts interviewed recently by Reuters.
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