China: Oilseeds and Products Annual

Soybean imports for marketing year (MY) 24/25 are forecast to reach 103 million metric tons (MMT). Increased soybean meal (SBM) inclusion rates due to competitive prices, stable demand in the poultry sector, and growing demand in aquaculture is expected to offset weaker demand in the swine sector due to forecast declining production in MY 23/24 and MY 24/25. Lower domestic prices, high carry-in from MY 23/24 production, and comparatively better margins for corn are expected to lower soybean planted area and production in MY 24/25. Post has revised imports and crush data for MY 22/23 to reflect historical adjustments made in the March 2024 World Agricultural Supply and Demand Estimates (WASDE) report. MY 23/24 and MY 24/25 imports and crush are revised based on evaluation of major exporters’ shipments to China versus General Administration of Customs of the People’s Republic of China (GACC) reported imports and in-country data sources.