Domestic Soybean Production Increased

China's soybean imports are expected to reach a record high in 2020/23 (October-September), but increased domestic production is expected to limit imports in 2023/24, according to a counselor's report released by the U.S. Department of Agriculture's Foreign Agriculture Service.
The U.S. Agricultural Counselor forecast China's soybean imports at 101 million tons in 2022/23, due to relatively attractive soybean prices and the recovery of domestic soybean meal and vegetable oil demand following the lifting of COVID-19 restrictions. Ample supply in Brazil further supports the recovery of China's import demand growth.
Increased domestic soybean production, coupled with increased imports in 2020/23, will limit the soybean import potential in 2023/24. Counselor said that the increase in domestic soybean production helps to supply some soybeans to the local crushing industry in Northeast China, thus directly competing with imported soybeans. Soybean imports may fall to 98.5 million tonnes in 2023/24.