China: Oilseeds and Products Update

Forecast soybean production for MY 24/25 is unchanged at 19.6 million metric tons (MMT) based on a planted area of 9.95 million hectares (Mha). Relatively low and declining soybean meal (SBM) prices since the beginning of MY 23/24 could encourage more SBM use in feed production. Forecast MY 24/25 rapeseed production remains unchanged at 15.8 MMT based on a slight gain in acreage to 7.4 Mha and higher yield from the previous year. Post maintains its forecast of MY 24/25 peanut production at 18.1 MMT and cottonseed production remains unchanged at 9.3 MMT. Forecast MY 24/25 soybean imports remain unchanged at 103 MMT from the previous report although forecast soybean crushing volume is raised by 1 MMT from the previous report to reflect a moderate recovery of demand of soybean meal by feed sector and exports.