unit：ten thousand tonnes

 

Area/Item	Soybean oil stocks			Soybean oil in outstanding contracts
	Week 42	Week 41	Fluctuation	Week 42	Week 41	Fluctuation
Northeast China	8.5	8.55	-0.05	11.8	11.9	-0.1
North China	26.42	24.24	2.18	15.21	15.8	-0.59
Shandong	15.82	16.14	-0.32	7.55	8.16	-0.61
East China	48.2	48.15	0.05	41.6	43.15	-1.55
Guangdong	16.3	18.02	-1.72	19.86	18.44	1.42
Guangxi	16.3	16.1	0.2	14.25	13	1.25
Fujian	9.2	9.95	-0.75	4.62	4.8	-0.18
Henan	4.6	4.48	0.12	1.515	1.98	-0.465
Sichuan	4.95	4.9	0.05	3.25	3.1	0.15
Others	9.63	9.45	0.18	1.67	1.47	0.2
Total	159.92	159.98	-0.06	121.325	121.8	-0.475

 

Comments: soybean oil in Chinese business inventories last week remained flat over the previous week, and till October 20th, total amounts of soybean oil in Chinese business inventories reached 1.5992 Mln tonnes, which was downgraded by 0.04% from 1.5998 Mln tonnes of the previous week, yet up 16.8% over the same period last month of 1.3692 Mln tonnes with an increase of 0.23 Mln tonnes and up 34.84% against the same period last year of 1.1186 Mln tonnes with a rise of 0.4132 tonnes. 

 

However, according to Cofeed latest survey, roughly 121 ships loaded with 7.808 Mln tonnes imported soybeans are expected to arrive in October, 2017, growing by 2.86% over the actual arrival of soybean in September. In spite of slow shipments of US soybeans, soybean arrivals at ports in November are estimated to reach the latest 8.8 Mln tonnes, down from last week's forecast of 200,000 tonnes, while soybean arrivals in December are expected to rise to 9.3 Mln tonnes, overall, soybean amounts at ports register large. As operating rate in oil factories continues to pick up in the next two weeks, stocks of soybean meal in near future will remain high when crush on soybeans reaches 1.9 and 2 Mln tonnes respectively in the following weeks.

 

                        Figure: Comparison of domestic soybean oil stocks in recent years