China: Oilseeds and products outlook

Published 2023년 3월 22일

Tridge summary

China's soybean imports are projected to increase to 97 million metric tons in Marketing Year 23/24 due to modest growth in the animal protein sector, following the removal of zero-COVID policies. Combined imports in January and February 2023 saw a 16% year-on-year increase. Factors contributing to this include policies supporting soybeans, an increase in soybean area and production, and a forecasted rise in overall oilseed consumption. Soybean crush volume is anticipated to reach 95 MMT in MY 23/24, with total protein meal feed use expected to increase by 1.4% year-on-year. While vegetable oil imports are predicted to remain stable in MY 23/24, palm oil imports are expected to hit a record 7.1 MMT due to lower prices and higher demand in the food processing sector.

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

Original content

Modest growth in the animal protein sector is expected to raise China’s soybean imports to 97 million metric tons (MMT) in Marketing Year (MY) 23/24. Based on data from the General Administration of Customs of the People's Republic of China (GACC), imports emerged following the removal of zero-COVID policies in December to reach a combined 16.2 MMT in January – February 2023, a 16% year-on- year increase. China's removal of COVID-related restrictions is expected to increase overall oilseed consumption. However, relatively high prices for soybean meal (SBM) and low returns in the swine and poultry sector continue to disadvantage SBM inclusion in feed. Following a significant increase in soybean area and production in MY 22/23, policies supporting soybeans are expected to continue, yielding an additional 400,000 metric tons (MT) of production in MY 23/24. Soybean crush volume is forecast at 95 MMT in MY 23/24, compared to an estimated 94 MMT in MY 22/23. Total MY 23/24 protein meal ...

Source: Pig 333