The 2016 soybean subsidy is 118.58 yuan per mu for China's Heilongjiang Province, China's top soybean-producing province, according the Heilongjiang Price Bureau. This payment--based on the soybean crop produced last fall--is paid out as part of the target price subsidy program which has operated on a pilot basis from 2014 to 2016. Funds will be issued to county finance departments and state farm bureaus in the province and paid to farmers by September 15, 2017 (nearly a year after the crop was harvested, and 5 months after this year's crop was planted). The subsidy equals roughly $111 per acre when converted to U.S. dollars at the current exchange rate.
The amount is consistent with previous reports of 120 yuan/mu. The target price subsidy was 150 yuan/mu in 2015.
The target price subsidy equals approximately 28 percent of the crop's gross value. (With an average yield of 120 kg/mu and average price of 3.6 yuan/kg, the gross value of the 2016 crop was about 420 yuan/mu.)
A new soybean subsidy per acre planted will replace the target price subsidy for the 2017 crop.
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