In the US, yes, but China uses a lot of soybeans directly as food (tofu, soymilk, countless fermented bean pastes and sauces). Can't find any stats though.

I guess the parents point might be that the price of soy bean then wouldn't have been a good bet, because any benefits from the shortage of animal proteins would surely have been un-done by the fact much less feed would have been purchased (for obvious reasons)? Demand may not really have risen.

My point was that market research that leaves off popular human protein sources is probably a bad idea.

I don't have a prediction if that will make total soybean consumption go up or down in this scenario. Substitution effects can be extremely difficult to predict.

I seem to recall China aiming to be self-sufficient when it comes to soybeans meant for human consumption. Imports from countries such as Brazil are mainly used as animal feed and source of oil. I wouldn't be surprised if this disruption was also seen in the Amazon.