China forecasts lower corn, soybean and cotton imports in 2024/25
By ashish wagh 2024-05-13 18:49:58
China anticipates importing less cotton, soybeans, and corn in 2024–2025.
China's agriculture ministry forecast an annual decline in imports of corn, soybeans and cotton in its first outlook for the upcoming 2024/25 crop year released on Friday.
It forecast lower corn imports in the upcoming crop year at 13 million metric tons from 19.5 million tons forecast for the 2023/24 crop year, amid expectations for a larger growth in production, the Chinese Agricultural Supply and Demand Estimates (CASDE) report showed.
The 2024/25 import forecast for soybeans was at 94.6 million tons, versus a forecast of 96.1 million tons for 2023/24.
"It is expected that the demand for soybean meal will weaken in the later part of this year, and the soybean crushing consumption will be lower than previously expected," the report said.
Cotton imports for 2024/25 are expected to drop to 2 million tons.
It expects 2024/25 corn production to rise 2.8% to 297 million tons, while soybeans output is expected to drop 1.4% to 20.54 million tons.
