Abstract: Whether China and the United States have a certain market power decides their own discourse right on pricing in the bilateral soybean[Glycine max （Linn.） Merr.] trade. The annual data of Sino-US soybean trade from 1992 to 2019 was chosen, and the international market power in Sino-US soybean trade was estimated by using the SMR correction model. The result showed that as the world’s largest soybean importer, China had certain market power in Sino-US soybean trade. However, due to the influence of the pricing power of the USA in the international soybean market, China had weak market power in the Sino-US soybean trade. The amount of soybean exported by the USA to China was slightly reduced because of Sino-US trade conflicts, which made the USA lacked market power in Sino-US soybean trade. Therefore, in order to improve the market power of China in Sino-US soybean trade, some countermeasures were put forward, such as accelerating domestic economic construction, perfecting the domestic soybean industrial chain, actively breaking the trade barrier of soybean circulation, and promoting the construction of derivative financial instruments of the soybean industry.

Key words: soybean[Glycine max （Linn.） Merr.], market power, discourse right on pricing