China: Oilseeds and Products Update
Link to report:
China’s marketing year (MY) 22/23 soybean production is forecast to reach a near-record 19 million metric tons (MMT) on higher yields. Post maintains forecasted MY 22/23 soybean imports at 96.5 MMT on higher demand for soybean meal (SBM) for swine and poultry and vegetable oil demand for food sector use. Import growth is forecast to be partially constrained by higher domestic soybean production, ongoing sales of state reserve soybeans, and ongoing uncertainty regarding People’s Republic of China (PRC) COVID restrictions. MY 21/22 soybean imports were 91.6 MMT, 8.1 MMT lower than the previous year, on weak demand for SBM and vegetable oil.
