Browse Data and Analysis

Soybean imports are raised to a record 101 million metric tons (MMT) in marketing year (MY) 22/23 on surging imports, which reached 84.3 MMT through July.

Post forecasts MY2023/24 palm oil production up by 20 percent over the current marketing year’s estimate. Total domestic consumption is forecast marginally up, imports are expected to drop by 14 percent due to increased domestic production, but exports are forecast significantly up compared to the current marketing year’s estimate.

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.

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.