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Total oilseed production in China is forecast at 63.4 million metric tons (MMT) in marketing year (MY) 22/23, up 4% from the previous year. Government policies to incentivize oilseed production (particularly soybeans) and high prices for major oilseeds are the primary factors driving growth in area and production. Soybean production for MY 22/23 is forecast higher at 18.4 MMT on expanded planted area supported by high prices and government incentives.
China's soybean imports for MY 21/22 are revised downward to 94 MMT due to slower economic growth, high prices, and COVID-related restrictions depressing meal and vegetable oil consumption. Soybean imports are forecast to recover to 98 MMT in MY 22/23, driven by increased cost competitiveness of soybean meal compared to other protein-rich feed alternatives.
Swine and poultry producers, struggling to reach profitability in the first half of MY 21/22, reduced soybean meal inclusion rates in feed, driving down crush and demand for imported soybeans. Soybean imports and soybean meal and vegetable oil consumption are forecast to rebound in MY 22/23 as swine and poultry producers return to profitability and alternative feed inputs, particularly wheat, become less price competitive.
July 7, 2022/ USDA/ United States.
https://apps.fas.usda.gov
