China: Oilseeds and Products Update
Post’s lowered the May forecast for MY15/16 total domestic oilseed production by 3.26 million tons from an estimated 57 million tons in MY14/15. Lower domestic production together with growing demand for protein meal and vegetable oil continue to encourage strong imports of oilseeds in MY15/16. Post’s forecasts for soybean imports at 77.5 million tons, and rapeseed at 4.5 million tons remain unchanged. Driven by moderate growth in vegetable oil consumption, MY15/16 vegetable oil imports are expected to recover to 8.28 million tons, up by 5.9 percent from the previous year. However, this recovery level is below the MY13/14 peak imports of 8.57 million tons.
