Ministry of Agriculture and Rural Affairs: China's soybean imports in 2023/24 will be reduced by 1.15 million tons to 96.10 million tons

Golden Ten Futures, May 10, the Ministry of Agriculture and Rural Affairs released an analysis of the supply and demand situation of China's agricultural products in May, which mentioned that this month < b > will reduce China's soybean imports in the 2023/24 year by 1.15 million tons to 96.10 million tons , and the crushing consumption will be reduced by 1.98 million tons to 95.80 million tons. The main reason is that the domestic pig production capacity has gradually declined. It is expected that the demand for soybean meal will weaken in the later part of this year, and the consumption of soybean crushing processing will not be as good as previously expected. The planting income of domestic soybeans last season was lower than farmers' expectations, but the national policy orientation of "stabilizing soybeans" remained unchanged. Supporting policies such as producer subsidies continued to tilt towards soybeans. At the same time, the large-scale yield improvement of major crops such as grains and As of early May, the spring sowing of soybeans in the Northeast producing areas is progressing smoothly. Except for the slight drought in the central and western parts of Heilongjiang, the soil moisture is generally good. < b > It is expected that the sown area of soybeans in China in 2024/25 will be 10,163 thousand hectares, a decrease of 2.9% from the previous year; the unit yield will be 2021 kilograms per hectare, an increase of 1.5% from the previous year; the output will remain above 20 million tons . With the adjustment of pig production capacity to a reasonable range and the gradual promotion of the replacement technology for feeding soybean meal reduction, soybean meal consumption will continue to decline, soybean imports and crushing consumption will show a decreasing trend, and edible consumption will increase. < b > It is expected that China's soybean imports in 2024/25 will be 94.60 million tons, a decrease of 1.6% from the previous year ; soybean consumption 115 million tons, basically the same as the previous year. < br > < img src = "https://flash-scdn.jin10.com/b5d11f62-2cf9-4d4f-9183-548633d7f51d.png" referrerpolicy = "no-referrer" >