unit：10,000 tonnes 

Area/Item	Soybean oil stocks			Soybean oil in outstanding contracts
	Week 49	Week 48	Fluctuation	Week 49	Week 48	Fluctuation
Northeast China	7.13	7	0.13	10.1	11.25	-1.15
North China	28.57	28.64	-0.07	16.43	16.85	-0.42
Shandong	14.01	14.52	-0.51	7.11	7.21	-0.1
East China	53.17	51.1	2.07	36.9	37.46	-0.56
Guangdong	16.82	17.7	-0.88	15.42	18.78	-3.36
Guangxi	17.9	18	-0.1	16.25	16.15	0.1
Fujian	9.6	9.85	-0.25	5.38	5.35	0.03
Henan	3.95	4.3	-0.35	1.655	1.45	0.205
Sichuan	5.3	6.2	-0.9	3.55	2.8	0.75
Others	11.42	10.98	0.44	1.56	1.72	-0.16
Total	167.87	168.29	-0.42	114.355	119.02	-4.665

 

    Comments: total soybean oil stocks this week in China are seen a tad lower, and till December 8th, soybean oil in Chinese business inventories has slightly trimmed to 1.6787 Mln tonnes by 0.25% from 1.6829 Mln tonnes the same period last week with a reduction of 4,200 tonnes, but the figure is 4.77% higher than 1.6022 Mln tonnes the same period last month with an increase of 76,500 tonnes, and 74.32% higher than 96,300 tonnes the same period last year with an increase of 715,700 tonnes. As oil futures remain sluggish, traders in the middle and lower reaches now prefer to stand sidelines with less stocks at hand, while some traders have willingness to make replenishment seeing slumping futures in a row. Generally, market requirements this week are better than that in the previous week, and sales of small-packing oils in some regions show a slight improvement when New Year's Day is approaching. As a result, soybean oil stocks fall slightly this week but still remain at a high level.

 

    According to Cofeed latest statistics, estimated 141 vessels loaded with 9.0775 Mln tonnes of soybeans may arrive at China’s ports in December 2017, 0.18% higher than 9.0605 Mln tonnes attained in November, and 0.90% higher than year-on-year figure of 8,996,081 tonnes. Generally, soybean weekly crush will be likely to stay at 1.97 Mln tonnes and 2 Mln tonnes in the next two weeks respectively in terms of high operating rate and healthy crush margins in oil mills amid sufficient soybean supplies, showing a prospect of growing soybean oil stocks in a near future, yet the growing pace is closely related to stockpiling progress of packing oils. Whereas, overwhelming supply pressure will persist in oil mills for a time.