Comments: stocks of imported soybeans in China’s major coastal areas till January 28 (week 4 of year 2018) further decline, hit by unsuccessful soybean unloading resulting from heavy snows in most China’s regions, in detail, weekly stocks drop by 1.11% from 4,780,900 tonnes last week to 4,727,700 tonnes and 53,200 tonnes below last week, yet the figure is still 35.07% higher than 3,500,000 tonnes year on year. Operating rate next week will be lifted, but soybean stocks are likely to edge lower.

  

    Stocks of soybean meal edge lower this week given that turnover and shipments go better than last week in time of stockpiling irrespective of lifted operating rate, and its volume in outstanding contracts is also falling. Till January 28th, total stocks in costal major areas settle at 964,220 tonnes on the week, down 0.31% or 3,080 tonnes from 967,300 tonnes a week ago, but it is 46.09% higher than 660,000 tonnes year on year. Meantime soybean meal amounts in outstanding contracts are shriveled to 4,726,100 tonnes from 4,917,700 tonnes last week with 3.86% or 191,600 tonnes less, whereas, it is 52.45% higher than the same week last year of 3,100,000 tonnes. On the whole, soybean meal stocks in next weeks will probably remain high as shipments may somewhat be delayed by snowfall amid lifted operating rate in the following two weeks.

                    Figure 1: Trend of Chinese coastal soybean carry-over stocks in recent years

          Figure 3: Trend of Chinese coastal soybean meal in outstanding contracts in recent years