China: Oilseeds and Products Update
In addition to growing demand for oilseed products, the low price of soybeans is expected to push China’s soybean imports to a record 76 million tons in MY14/15, up from the 70.4 million tons in the previous year. This high net growth is unlikely to continue but imports are expected to rise to a forecast 78 million tons in MY15/16. Post’s August forecast for MY15/16 total domestic oilseed production is 3.26 million tons lower than the estimated 57 million tons in MY14/15. Lower domestic production together with growing demand for protein meal and vegetable oil continue to encourage strong imports of oilseeds in MY15/16. Meanwhile, MY14/15 imports of vegetable oil declined in response to the increase in oilseed imports.
