The economic review of soy as a sustainability factor

Abstract

The expansion of soybean production is significantly influenced by Hungarian wheat and maize. Hungarian farmers remain reluctant to abandon wheat and maize, despite a price ratio heavily weighted in favor of soy. Considering their reluctance heretofore, it may come as a surprise that this is finally about to change due to high fuel and fertilizer prices. Higher prices for fertilizer proportionally increase the prices of grains, oilseeds, and protein crops and have even wider consequences as well. A World Bank analysis suggests that food prices are at such a dangerous level that they may begin to endanger political and social stability. Regionally, Hungarian soybean processing can replace imported products and do so at a lower price. This lower price would be created thanks to cheaper local labour and resources, such as those of the Serbian soy chain. The soy processors' geographical proximity, tradition, and experience in Vojvodina can serve the emerging Hungarian industry well. Efficient market interest can yet be achieved in Hungarian soy processing! Keywords: soybean, soybean production, soybean processing