Japan: Oilseeds and Products Annual

Japan's oilseeds and products markets remain stable. Despite high prices, palm oil imports are consistent based on steady demand. Inflationary pressures eased for a period, encouraging crushers to increase soybean crushing while also maintaining rapeseed processing. However, with vegetable oil prices expected to rise in combination with canola crush margins outperforming soybeans, crushers will prioritize rapeseed over soybean crushing. Increased use of Canadian canola has boosted meal production, creating a meal surplus that may dampen rapeseed imports. Despite ample, global soybean meal availability, Japan will maintain stable soybean import levels as protein supplies are robust. Following earlier fish mortality, feed demand for aquaculture softened in 2025 but expected to recover. With domestic fishmeal output likely to fall, fishmeal imports are expected to rise. Elevated 2025 rice prices reduced soybean plantings, but an anticipated rice price decline should support a 2026 rebound in soybean production.