China: Oilseeds and Products Update
In addition to China’s growing demand for oilseed products, the low price of soybeans is expected to push China’s soybean imports to exceed 76 million tons in MY14/15, up from the 70.4 million tons in the previous year. While this high growth rate is unlikely to continue, imports are expected to rise to a forecast 78 million tons in MY15/16. Post’s September 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 will 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.
