China: Oilseeds and Products Annual
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Modest growth in the animal protein sector is expected to raise China’s soybean imports to 97 million metric tons (MMT) in Marketing Year (MY) 23/24. The People’s Republic of China’s (PRC) removal of COVID-related restriction in December 2022 is expected to boost overall oilseed consumption. However, relatively high prices for soybean meal (SBM) and low returns in the swine and poultry sector continue to disadvantage SBM inclusion in feed. Following a significant increase in soybean area and production in MY 22/23, PRC polices supporting soybeans are expected to continue, yielding an additional 400,000 metric tons (MT) of production in MY 23/24.