In the season 2022/23, China recorded a record volume of oilseed processing
China’s oilseeds processing was a record in 2022/23 marketing year and amounted to 133 mln tons. This was driven by a significant recovery in vegetable oil imports to 12.69 mln tonnes and continued growth in demand for meal.
As for the supply of crushing industry in China, soybeans are the most dependent on imports among the major oilseeds. In the season 2022/23, China’s soybean production will reach 20 mln tonnes, while imports will reach 100 mln tonnes (10 mln tonnes more than in the season 2021/22). 83% of the supply (excluding initial stocks) will be imported, with the main suppliers and competitors of the product being the US and Brazil.
The record soybean production in Brazil, which caused the prices to fall to record lows, was the main factor that led to the purchase of Brazilian soybeans by China.
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