China’s soybean production to China’s soybean production, while imports fall

China’s soybean production is expected to increase by 25.8% in 2022, a Ministry of Agriculture official said on the 20th, amid massive efforts to boost oilseed crops.

Soybean acreage will grow by 16.7% this year, said Tang Ke, director-general of the market department at the Ministry of Agriculture and Rural Affairs, citing the 2022 agricultural outlook report.

According to data from the Ministry of Agriculture, that would bring China’s soybean production to about 20.63 million tonnes this year, based on a 2021 level of 16.4 million tonnes.

China, the world’s biggest soybean importer, plans to produce around 23 million tonnes of this oilseed by 2025 as part of a pledge to ensure food security.

China’s state TV reported that the increase in Chinese production would help reduce soybean imports in the new year to 95.07 million tonnes, citing the same ministry report.

China brought in 96.52 million tonnes of soybeans from overseas in 2021, down 3.8% from a year earlier, as falling crush margins and a lack of appetite in the livestock sector dampened demand.

Abiove, the representative of the Brazilian soy industry, which has China as its biggest customer, reduced its projection of oilseed exports in 2022 from the country, the largest global exporter.

Source: Isto É Dinheiro

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