Japan: Oilseeds and Products Annual

  |   Attaché Report (GAIN)   |   JA2024-0017

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Japan: Oilseeds and Products Annual
In relation to persistent rising food prices, Japan has seen a decline in overall vegetable oil consumption. Due to the more favorable crush margin for canola compared to soybeans, FAS/Tokyo forecasts a reduction in soybean imports and crush, while seeing an increase in rapeseed imports and crush for both MY 2023/24 and MY 2024/25. Consequently, Japan is expected to decrease domestic soybean meal production, leading to an increase in soybean meal imports. The elevated price of North American identity-preserved, food-grade soybeans coupled with the Japanese yen depreciation has weakened their price competitiveness versus domestically produced ones. This pricing shift is causing Japanese farmers to consider planting more soybeans.
East Asia and the Pacific, Japan
Oilseeds, Soybean Meal, Soybeans

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