“China’s Soybean Market Stable and Sufficient, Says State Administration of Grain and Material Reserves Official”

Officials from China’s State Administration of Grain and Material Reserves emphasized that China’s current supply of domestically produced soybeans and imported soybeans is sufficient, and the market is generally stable in terms of purchases and sales.

According to The Paper, Lu Jingbo, deputy director of China’s State Administration of Grain and Material Reserves, said at a press conference on Thursday (May 11) that China’s soybean market has two sources of supply: domestic and imported. Domestic soybeans are mainly used for food. The consumption is 13-15 million tons, and domestic production can fully meet the demand; imported soybeans are mainly used for oil extraction and feed, and soybean meal after oil extraction is used as raw material for feed production.

Lu Jingbo said that the current situation of China’s soybean market can be summarized as “two sufficient and one stable”, that is, the supply of domestic soybeans is sufficient, the source of imported soybeans is sufficient, and the market purchases and sales are generally stable.

He further mentioned that from a domestic perspective, China’s soybean production will hit a record high in 2022, exceeding 20 million tons, and there will be a surplus of about 5 million tons after meeting food consumption; The two domestic markets have laid a good foundation for satisfying domestic consumption.

From the point of view of market purchases and sales, the peak season of soybean purchases ended at the end of March, and enterprises in the main production areas have purchased a total of 4.18 million tons of new soybeans, an increase of 1.71 million tons year-on-year. At the same time, relevant departments in the early stage started the purchase of domestic soybeans for the new season in the main soybean producing areas of Heilongjiang and Inner Mongolia, which stabilized market expectations.

Regarding how to enhance the stability and resilience of the soybean consumption supply chain, Lu Jingbo talked about some measures taken by relevant departments, including improving the production level and supply capacity of domestic soybeans, and improving relevant policies and measures to subsidize soybean producers, so that farmers can benefit from growing soybeans. Affordable.

In addition, the government has also implemented an action to improve the processing of agricultural products, guiding large-scale enterprises to develop intensive processing, creating a well-known domestic soybean brand; and advocating healthy eating for residents and guiding healthy consumption of edible vegetable oil.

Lu Jingbo also said that by stabilizing imports and strengthening international cooperation, China is stabilizing the traditional bean source market while developing new bean source markets and promoting the diversification of import sources.

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