Chinese Oils and Fats 2024-01-26 16:12 Published in Shaanxi
Recently, the National Grain and Oil Information Center released a monthly report on the supply and demand of oil and fat crops for January 2024, making the following predictions on the supply and demand of oil and fat crops for 2023/24:
In 2023/24, China's production of edible vegetable oil reached 32.97 million tons, an increase of 610000 tons year-on-year; The expected import volume is 10.12 million tons, an increase of 80000 tons year-on-year. The expected annual consumption of edible vegetable oil is 37.79 million tons, an increase of 960000 tons year-on-year, with a growth rate of 2.6%; It is expected that industrial and other consumption will reach 4.45 million tons, an increase of 250000 tons year-on-year. It is expected that there will be a surplus of 710000 tons of edible vegetable oil supply and demand annually.
In 2023/24, China's protein meal production reached 99.45 million tons, an increase of 2.25 million tons year-on-year; The expected import volume is 4.64 million tons, a year-on-year decrease of 630000 tons. It is expected that the consumption of protein meal feed for this year will be 100.61 million tons, an increase of 2.21 million tons year-on-year; Expected export volume of 860000 tons, unchanged from the previous year; It is expected that there will be an annual shortage of 100000 tons of protein meal supply and demand.
In 2023/24, China's new supply of soybeans reached 118.84 million tons, including 20.84 million tons of domestically produced soybeans and 98 million tons of imported soybeans. The expected annual consumption of soybean oil is 99.9 million tons, an increase of 2.6 million tons year-on-year or 2.7%, including 2.5 million tons of domestically produced soybeans; The expected consumption of soybeans for consumption and industry is 16.8 million tons, an increase of 450000 tons year-on-year, with an annual surplus of 1.24 million tons of soybean supply and demand.
In 2023/24, China's new supply of soybean oil reached 18.61 million tons, an increase of 500000 tons year-on-year. Among them, soybean oil production was 18.11 million tons, and soybean oil imports were 500000 tons. The estimated annual consumption of soybean oil is 16.4 million tons, with an estimated industrial and other consumption of 1.85 million tons. There is a surplus of 26 tons of domestic soybean oil supply and demand for the year.
In 2023/24, China's new supply of soybean meal reached 78.53 million tons, an increase of 2.06 million tons year-on-year, with soybean meal production reaching 78.48 million tons. It is expected that the total domestic consumption of soybean meal for the year will be 77.75 million tons, an increase of 2.58 million tons year-on-year, including 76.1 million tons for feed consumption, an increase of 2.55 million tons year-on-year. The expected export volume of soybean meal is 800000 tons, and the annual domestic soybean meal supply and demand gap is 20000 tons.
Source: National Grain and Oil Information Center