13 May 2019
China’s soybean output is forecast to reach its highest level in 14 years in 2019/20, mainly as a result of increased efforts directed towards boosting the nation’s oilseed production, Reuters reports.
The agriculture ministry revealed in a monthly crop report that China will produce 17.27 million tonnes of soybeans in the 2019/20 crop year, recording a 7.9% increase from the year prior.
This figure would be the highest seen since 2004/05, which according to the U.S. Department of Agriculture records, is the only time China’s output had surpassed 17 million times, totalling to a production of 17.4 million tonnes.
China has been trying to rely less on oilseed imports from the United States due to growing trade tensions, instead focusing its efforts on production and using soybeans to produce feed for its livestock herds.
According to the agriculture ministry, China’s 2019/20 soybean imports will total to 84.9 million tonnes, which is a similar figure to the year before.
In 2018/19, soybean consumption was forecast at 103.56 million tonnes.
Meanwhile, the monthly Chinese Agricultural Supply and Demand Estimates (CASDE) revealed that China will import 3 million tonnes of corn in 2019/20.