China: Oilseeds and Products Update

China’s slowing economy and COVID-related restrictions continue to weaken demand for oilseeds for feed and food use. Soybean imports for marketing year (MY) 21/22 and MY 22/23 are revised downward to 92 million metric tons (MMT) and 96.5 MMT, respectively, on weak demand for vegetable oil in the food service sector and soybean meal (SBM) in the swine and poultry sectors. Soybean production for MY 22/23 is forecast lower at 18.1 MMT on lower yields due to high heat and drought in minor soybean producing regions.