Comment: soybean stockpiles this week are a tad lower due to lessened soybean arrivals but higher soybean processing capacity. Till Apr. 27th, stocks of imported soybeans in China’s major coastal areas are seen downsized to 4,022,500 tonnes from 4,107,200 tonnes, a reduction of 84,700 tonnes by 0.21% on the week, and vis-a-vis the same week last year, its stocks are also down 7.19% from 4,334,500 tonnes. By and large, stockpiles of soybean would trend up overall with assured large soybean arrivals later.

    Stockpiles of soybean meal this week rise substantially for buyers have little interest in delivery amid low consumption in end users. Till April 27th, total stocks in costal major areas come in at 1,068,700 tonnes, up 116,500 tonnes by 12.23% from 952,200 tonnes on the week, and when compared with 697,000 tonnes a year ago, stocks are still up 53.32%. Stockpiles overall remain high though next week probably hold the line owing to increasing idle plants after overflowing meals in mills.

    In comparison, soybean meal amounts in outstanding contracts are decreased to 5,382,700 tonnes seeing not many new orders, generally falling 584,000 tonnes by 9.78% as opposed to 5,966,700 tonnes last week, but up 46.61% from 3,671,500 tonnes on a year-on-year basis. 

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

                  Figure 2: Trend of Chinese coastal soybean meal carry-over stocks in recent years

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