March 17: China’s soybean acreage will increase this year, a state-owned Chinese radio station reported on Thursday. China will also release soybean oil and soybeans from state reserves to increase market supply.
The radio station quoted analysts from a state-owned grain and oil think tank as saying that China’s soybean planting area is expected to increase by more than 20 million mu (1.3 million hectares) in 2022.
In addition, between late February and March 14 this year, China also released 186,000 tons of imported soybean oil and 256,000 tons of imported soybeans from its national reserves to boost market supply.
Last week, China said it would release 295,596 tonnes of imported soybeans from reserves to ease tight soybean supplies.