In Econ 101, yes. As I said, "Since soybeans are not the primary crop but are grown relatively in proportion to massively overproduce corn, I would expect soybeans to be pretty damn cheap". Soybeans are not soybean products though, and a high supply of soybeans doesn't mean that soybean product prices should be low.
I posit that there is a low supply of soy-products caused by a low-demand for soy-products. Only a fragment of consumers are interested in soybean products, and demand is unlikely to change much as price drops. Worse, the vegetarians I know tend to be pretty loyal to particular brands of soy product. Basically, demand for soybean products is pretty inelastic and low. Not many people are interested in soy products, but the people that are interested will pay what they have to.
Premium soy products are the Bloomberg Terminal's of food. Almost nobody wants a Bloomberg Terminal, but a few people need a Bloomberg Terminal. Worse, the people in that market need a Bloomberg Terminal specifically. Bloomberg is unlikely to lease more terminals by dropping their price. If there were more demand for that sort of product, we would probably see more companies making suitable products for far cheaper. That's not the case though, so it is a shitty market to break into.
The issue then isn't low demand and high supply, it's low elasticity of demand and, for human food products, low supply. The original cited factors were irrelevant at best.
I posit that there is a low supply of soy-products caused by a low-demand for soy-products. Only a fragment of consumers are interested in soybean products, and demand is unlikely to change much as price drops. Worse, the vegetarians I know tend to be pretty loyal to particular brands of soy product. Basically, demand for soybean products is pretty inelastic and low. Not many people are interested in soy products, but the people that are interested will pay what they have to.
Premium soy products are the Bloomberg Terminal's of food. Almost nobody wants a Bloomberg Terminal, but a few people need a Bloomberg Terminal. Worse, the people in that market need a Bloomberg Terminal specifically. Bloomberg is unlikely to lease more terminals by dropping their price. If there were more demand for that sort of product, we would probably see more companies making suitable products for far cheaper. That's not the case though, so it is a shitty market to break into.