China raises forecasts for production and consumption of vegetable oils, meal, rapeseed and soybeans

Ahead of the December USDA report, China's State Information Center released a balance of supply and demand.

It is expected that in my 2021/22, the volume of soybean processing will increase by 1.9% or 1.85 million tons to 101 million tons compared to the previous season, which is 3 million tons higher than the November forecast of the USDA. 1.6 million tons of locally produced soybeans and 99.4 million tons of imported soybeans will be processed, and another 17.38 million tons of soybeans will be used in the food industry.

Soybean oil production in China in 2021/22 MG will increase by 30 thousand tons to 19.2 million tons, while its own production will amount to 18.3 million tons, and another 900 thousand tons of oil will be imported.

Consumption of soybean oil for food in my 2021/22 will amount to 16.6 million tons, and for industrial and other purposes – 2.3 million tons. the annual balance of demand and consumption of soybean oil in the domestic market is 220 thousand tons.

Soybean meal production in China in my 2021/22 will increase by 1.44 million tons to 79.4 million tons, of which its own production will amount to 79.33 million tons.

Consumption of soybean meal for feed in comparison with 2020/21 MG increased by 1.3 million tons to 76.6 million tons, and total consumption – by 1.33 million tons to 78.28 million tons. exports of soybean meal reached 1.1 million tons, and the balance of supply and demand of soybean meal in the domestic market is 20 thousand tons.

It is expected that in my 2021/22 the volume of supplies of rapeseed, palm oil and food vegetable oils will increase.

Thus, the supply of rapeseed in my 2021/22 will increase by 70 thousand tons to 16.95 million tons compared to the previous season, of which own production will amount to 14.45 million tons, and imports – 2.5 million tons. rapeseed consumption will increase by 150 thousand tons to 16 million tons, including 13.5 million tons of own rapeseed and 2.5 million tons of imported rapeseed. The difference between supply and demand will be 70 thousand tons in the season.

According to the forecast, imports of palm oil will increase by 180 thousand tons compared to 2020/21 MG from 6.82 to 7 million tons, as increasing global production of palm oil will make it cheaper than other oils and fats and more cost-effective to use.

The volume of food vegetable oil production in China in my 2021/22 will increase by 460 thousand tons to 31.48 million tons compared to the previous season, while the volume of its imports will decrease by 770 thousand tons to 11.68 million tons. total consumption of food vegetable oil will increase by 1.5% or 560 thousand tons to 37.64 million tons, while industrial and other use will decrease by 240 thousand tons to 5.23 million tons.