Global Markets: Oilseeds, Chinese soybean imports lowered on weaker demand

Published 2022년 7월 16일

Tridge summary

China's imports and consumption of oilseeds and vegetable oils have decreased, leading to a reduction in soybean imports for both this year and the next. The global vegetable oil market is experiencing a decline due to high prices and reduced demand, with palm oil prices being particularly volatile due to changing Indonesian policies. However, Brazil's soybean crush and product exports have reached record highs, benefiting from high oil prices and reduced competition. In Cote d'Ivoire, there has been a significant increase in cottonseed crush and exports of cottonseed meal, with the majority being shipped to Senegal and Mauritania.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

China imports and consumption of oilseeds and vegetable oils have fallen short of expectations in recent months, and for that reason MY2021/22 soybean imports have been lowered 2.0 million tons to 90.0 million. So far, October-May soybean imports amounted to nearly 61.0 million tons, 5 percent lower compared to the same period a year ago. Additionally, major exporters’ trade data indicates a further decline in October-July arrivals to nearly 76.0 million tons, 7.5 million tons (9 percent) lower than last year. COVID-related restrictions in China, slowing economic growth, and higher global commodity prices have weakened China demand for oilseeds processing, protein meal, and vegetable oil consumption. For those reasons, the soybean crush forecast has been cut this month by 2.0 million tons to 87.0 million in line with a further decline in protein meal and food vegetable oil consumption growth in MY2021/22. Similarly, MY2022/23 soybean imports have been lowered 1.0 million tons to ...

Source: Agfax