China: Forecast for seeds and oil products

Published 2023년 3월 31일

Tridge summary

China's soybean imports are projected to reach 97 million metric tons in the 23/24 marketing year due to moderate growth in the animal protein sector. This follows a 16% increase in imports in the first two months of 2023, after the country lifted COVID-19 restrictions. Despite high prices of soybean meal and low yields in the pig and poultry sector, support policies for soybeans are expected to continue. Total protein meal use in animal feed is predicted to rise by 1.4% to 98.1 MMT. Vegetable oil imports are expected to remain stable in the 23/24 campaign, but palm oil imports are set to hit a record 7.1 MMT due to lower prices and increased demand in the food processing sector.

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

Original content

Moderate growth in the animal protein sector is expected to boost China's soybean imports to 97 million metric tons (MMT) in the 23/24 marketing year. According to data from the General Administration of Customs of the People's Republic of China, imports increased after the elimination of zero COVID policies in December, to reach a total of 16.2 MMT in January-February 2023, an annual increase of 16 %. China's lifting of COVID-related restrictions is expected to boost global consumption of oilseeds. However, the relatively high prices of soybean meal and low yields in the pig and poultry sector continue to discourage the inclusion of soybean meal in animal feed. After a significant increase in soybean area and production in the 22/23 season, it is expected that support policies for soybeans will continue, with an additional 400,000 metric tons (MT) of production in the 23/24 season. A soybean volume of 95 MMT is forecast for the 23/24 campaign, above the 94 MMT estimated for the ...

Source: 3tres3