Soybean imports have decreased since early June when prices began to rise. The domestic price of soymeal has risen 60 percent in 2012; soyoil and soybeans have gained 13 percent and 15 percent, respectively.
Some analysts are attributing a large part of the soymeal price surge to speculative buying on the futures market. "Despite tight supply, soymeal prices have gone far beyond supply-demand fundamentals," said one analyst. China's top economic planner, the National Development and Reform Commission, met with representatives of major crushers to warn them against excessive speculation.