China's Soybean Prices Plummet 49.35% YoY in Dec-23 Amid Supply Surplus

Soybean prices in China witnessed a significant 49.35% YoY decrease in Dec-23, with a 5.5% MoM increase from Nov-23. This is attributed to soybean planting expansion, which led to a 2.8% YoY increase in production to 41.68 mmt in 2023 but weakened domestic consumption posed challenges in absorbing the surplus. Additionally, China's soybean imports from Jan-23 to Nov-23 increased by 13.31% YoY, further impacting domestic market prices.