China: Oilseeds and Products Update

Soybean imports are increased to 98 million metric tons (MMT) and 98.5 MMT in marketing year (MY) 22/23 and MY 23/24, respectively, on rebounding soybean meal (SBM) and soybean oil demand. The end of COVID related restrictions, lower prices following a record soybean harvest in Brazil, and modest growth in the swine and poultry sectors are expected to increase SBM consumption. Higher subsidies in major soybean producing regions are expected to modestly increase planted area and production in MY 23/24. Rapeseed imports surged to 4 MMT in the first 8 months of MY 22/23 on rebounding demand for oil and strong demand in the aquaculture feed sector.