BEIJING, CHINA — An increase in corn planted area is diminishing China’s soybean production outlook in the 2021-22 marketing year, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).
Domestic soybean production is estimated to drop one million tonnes to a total of 17.5 million tonnes. The USDA noted many producers are switching from soybean to corn based on China’s current near six-year high corn prices.
A slight growth in feed demand has pushed China’s soybean imports up two million tonnes, to 102 million tonnes for the 2021-22 marketing year. For the first eight months of the 2021-22 marketing year China has imported over 64 million tonnes, up 6.2 million tonnes, or 10.6%, compared to the previous year. The USDA based this increase on the country’s increasing demand for soybean meal and soybean oil.