China: Oilseeds and Products Update

Soybean imports are raised to a record 101 million metric tons (MMT) in marketing year (MY) 22/23 on surging imports, which reached 84.3 MMT through July. Soybean imports for MY 23/24 are maintained at 98.5 MMT on higher domestic production and higher stocks following MY 22/23 imports. Heavy rainfalls associated with two typhoons in late July and early August largely spared key producing regions and minimal impact on soybean production is estimated. Following a sharp production decline in MY 22/23, elevated prices are expected to support increased interest in peanut production.