China cuts 22/23 edible oil output estimate on lower peanut production

Total edible vegetable oil production in China in 2022/23 marketing year is expected to be lower than previous estimates as peanut production could fall due to a shift in farmers’ planting preference.

Edible oil production is expected to total 29.21 million tons in 2022/23, according to the latest Chinese Agricultural Supply and Demand Estimates (Casde) released by the Ministry of Agriculture and Rural Affairs.

The figure is down 40,000 tons compared to the previous estimate in October Casde.

Despite that domestic soybean oil and rapeseed oil productions are unchanged from the previous estimate at 16.75 million tons and 6.53 million tons respectively, peanut oil output was cut by 70,000 tons to 3.38 million tons.

The total demand for edible vegetable oil in 2022/23 is unchanged at 36.34 million tons despite continuous Covid restrictions across China.

Imports are also expected to be unchanged at 8.43 million tons among which palm oil accounted for 4.5 million tons, followed by rapeseed oil (1.5 million tons) and soybean oil (1.2 million tons).