Japan: Oilseeds and Products Annual

Soybean exports to Japan will increase in MY 2019/20 and MY 2020/21 due to a favorable soybean crush margin and advance contracting by crushers. Stable livestock production buoys steady soybean meal exports to Japan in MY 2018/19 and MY 2019/20. Driven by poor MY 2019/20 crop quality, Japan’s rapeseed crush will decrease by five percent, while soybean crush will slightly increase. A consumption tax hike and COVID-19-related slump in inbound tourism will likely reduce Japan’s vegetable oil demand, particularly for imported oils. Lower import duties under Japan’s recent trade agreements will support rebounding MY 2020/21 oil demand. Domestic soybean production is forecasted to recover in MY 2020/21 following two low-yielding years.

Japan: Oilseeds and Products Annual