The National Development and Reform Commission (NDRC) announced on May 17 that the 2014 target price for soybeans will be 4,800 yuan per ton, according to the central Government's No. 1 document on launching the pilot reform of soybean prices in northeast China and Inner Mongolia.

The NDRC said that after implementing the soybean target price policy, producers will cancel the temporary purchase and storage policy and sell soybeans at market prices. When the market price is lower than the target price, the state shall subsidize the producers in the pilot areas according to the difference between the target price and the market price and factors such as planting area, output or sales volume; When the market price is higher than the target price, the state does not provide subsidies. Specific measures for granting subsidies shall be formulated by the pilot areas and announced to the public.