China’s soybean imports in the next marketing year will rebound 2.2 million tons on the year to 95.2 million tons, the latest China Agricultural Supply and Demand Estimates (Casde) projected.
Imports are expected to rise despite stronger domestic output that is forecasted to rebound almost 19% year on year to 19.48 million tons in 2022/23 marketing year.
This comes after China’s policymakers set a target to increase the country’s oilseed productions amid the overarching theme of food security and self-sufficiency.
Soybean crop yield is expected to gain marginally to 1.96 ton/hectare and total planting area will spike more than 18% year on year. On the demand side, total volume is expected to grow 3% to 112.87 million tons, of which crush demand will rise 3% to 94.77 million tons.