According to Cofeed, the latest statistics of soybean oil stocks and amounts in outstanding contracts in Chinese major areas in week 46 ( till November 17th, hereinafter referred to this week) are shown as follows:

unit：10,000 tonnes  

Comments: operating rate rise impressively this week as oil mills recover operation one after another for some arrivals of soybeans and good soybean crush margins. Soybean total crush this week is raised to 1,950,950 tonnes(1,551,005 tonnes of soybean meal, 351,171 tonnes of soybean oil) by 13.33% from 1,721,400 tonnes attained in the week before, with a rise of 229,550 tonnes, and capacity utilization is also up 6.44 percentage points to 57.42% from 50.98% last week. 

Stocks of soybean oil continue to pile up due to exceedingly high operating rate this week. Till November 15th, soybean oil in Chinese business inventories has climbed to 1.62 Mln tonnes by 1.11% from 1.6022 Mln tonnes the same period last week with a rise of 17,800 tonnes, by 1.25% from 1.60 Mln tonnes the same period last month with an increase of 20,000 tonnes, and by 53.34% from 1.0565 Mln tonnes the same period last year with an increase of 563,500 tonnes. In the following two weeks, crush is expected to be 2 Mln tonnes and 1.99 Mln tonnes respectively amid good crush margins and high operating rate in oil mills. Stockpiles of soybean oil later are predicted to large till the small stockpiling before New Year’s Day and Spring Festival, otherwise stocks are hard to wane. 

                    Figure: Comparison of domestic soybean oil stocks in recent years