China expects to increase its soybean-planting acreage this year and has released soybean oil and soybeans from its reserves in an effort to boost market supply, state radio reported March 17.
The country’s soybean-planting acreage is expected to increase by more than 1.3 million hectares in 2022 based on preliminary estimates, state radio reported, citing Wang Liaowei, senior economist at the China National Grain and Oils Information Center.
Wang also said that China, the world’s top soybean buyer, sold 186,000 tonnes of imported soybean oil and 256,000 tonnes of imported soybeans from its reserves between late February and March 14 to boost market supply.
China earlier said it will release 295,596 tonnes of imported soybeans from its reserves to alleviate tight supply of the oilseed.
Last month China’s vice-premier had also called for China to expand soybean production, stabilize planted grains acreage and strengthen farmland protection without providing details.
