China to increase oilseed production

The Chinese authorities intend to set a course to increase the production of oilseeds in the country in order to improve food security, while maintaining stable performance in the livestock and fisheries segments, the Ministry of Agriculture of the People’s Republic of China said.

According to preliminary forecasts, the country will harvest over 650 million tons of grain in 2024. The government plans to allocate 140.63 billion yuan ($19.54 billion) to store these products, as well as edible oils, up 8.1% from 2023.

In addition, it is planned to raise the minimum purchase price for wheat on the domestic market and introduce income insurance for those who grow rice, wheat and corn.

Recall that China is the world’s largest importer of soybeans. According to the forecast of the U.S. Department of Agriculture (USDA), in the season-2023/24 China will buy about 102 million tons of beans (100.85 million tons in MY 2022/23), and domestic production will be – 20.84 million tons (20.284 million tons).

Tags: China, soybean