Chinese soyabean imports are forecast to reach 97M tonnes in the 2023/24 marketing year due to modest growth in the animal protein sector, according to a report by the United States Department of Agriculture (USDA).
Chinese soyabean imports are forecast to reach 97M tonnes in the 2023/24 marketing year due to modest growth in the animal protein sector, according to a report by the United States Department of Agriculture (USDA).
The People Republic of China’s (PRC) removal of COVID-related restrictions in December was expected to lead to an increase in overall oilseed consumption, the 20 March report said.
However, relatively high soyabean meal prices and low returns in the swine and poultry sector continue to hamper soyabean meal inclusion in feed, according to the Foreign Agricultural Service (FAS) report.
Following a significant increase in soyabean planted area and production in the 2022/23 marketing year, China’s policies to support soyabeans were expected to continue, yielding an additional 400,000 tonnes of production in 2023/24, the USDA said.
Soyabean consumption in China in 2023/24 was forecast at 116M tonnes, a slight increase from 114.9M tonnes the previous year.
