China saw record oilseed crushing in the 2022/23 season

Oilseed crushing in China was a record in the 2022/23 marketing year at 133 Mt. Added to this is a large recovery in oil imports of up to 12.69 Mt and continued growth in meal demand.

Considering the supply of the crushing industry in China, among the main oilseeds, soybeans depend the most on imports. In the 2022/23 season, soybean production in China was 20 Mt and imports reached 100 Mt (10 Mt more than in the 2021/22 season), i.e. 83 % of the supply (not including initial stocks) was obtained from imports, with the main suppliers and competitors of this product being the United States and Brazil.

Record production in Brazil, with a cheap supply and negotiating its soybeans at historically negative premiums, was the main factor driving China's purchases.

November 10, 2023/ Rosario Stock Exchange/ Argentina.
www.bcr.com.ar

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