China: Oilseeds and Products Update
MY15/16 soybean imports are forecast at 79 million tons, slightly higher than the previous year. The high import forecast is based on lower domestic production together with growing demand for protein meal and vegetable oil, however, offset by relatively high carry-in stocks of soybeans. MY14/15 soybean imports hit record of 78.35 million tons with net growth of 8 million tons from the previous year due to growing demand for oilseed products and the low price of soybeans in the world market. Post’s October forecast for MY15/16 total domestic oilseed production is 3.26 million tons lower than the estimated 57 million tons in MY14/15.
