China: Oilseeds and Products Update

FAS China forecasts soybean production to fall to 17.5 million metric tons (MMT) in marketing year (MY) 21/22 from an estimated 18.5 MMT the previous year due to a shift in planted area to corn production. With domestic corn prices currently near a six-year high and corn subsidies up, farmers are switching from soybeans to corn, particularly in China’s northeastern grain belt. Soybean imports are forecast to reach 102 MMT in MY21/22 and an estimated 100 MMT in the current marketing year to meet modestly growing soybean meal demand for feed.