China's Soybean Prices Drop 34.57% YoY in W3, Amid Expanding Domestic Production and Robust Imports

In W3, China's soybean prices saw a 34.57% YoY decline to USD 1.27/kg from USD 1.93/kg in 2023. Despite this drop, W3 prices significantly increased by 80% MoM. This fluctuation is attributed to China's successful soybean planting expansion, leading to a 2.8% YoY production increase to 41.68 billion kg, with improved quality in domestically produced soybeans. Moreover, China's grain imports from Jan-23 to Nov-23 increased by 9.1% YoY to 143.737 mmt, with soybean imports rising by 13.3% YoY to 89.63 mmt, impacting domestic market prices.