China: Oilseeds and Products Update

Soybean imports for marketing year (MY) 21/22 are revised downward to 94 million metric tons (MMT) due to slower economic growth, high prices, and COVID-related restrictions depressing meal and vegetable oil consumption. Soybean production for MY 22/23 is forecast higher at 18.4 MMT on expanded planted area supported by high prices and government incentives. Soybean crush and imports are forecast to recover to 95 MMT and 98 MMT, respectively, in MY 22/23, driven by increased cost competitiveness of soybean meal (SBM) compared to other protein-rich feed alternatives.