China: Oilseeds and Products Update

Strong exports from Brazil pushed China to a record 100.85 million metric tons (MMT) of soybeans imports in marketing year (MY) 22/23. Imports are forecast to reach similar levels in MY 23/24 on sustained demand from the feed sector. After reaching a record 5.3 MMT in MY 22/23, rapeseed imports are forecast to decline on high carry-in stocks. The People’s Republic of China (PRC) efforts to incentivize domestic soybean cultivation through various local and national policies continues to support production, though lower prices for soybeans for food use may pose a challenge to sustaining higher volumes.