According to Cofeed, the latest statistics of soybean oil stocks and amounts in outstanding contracts in Chinese major areas in week 20 (till May 20th, hereinafter referred to this week) are shown as follows:
Unit: 0’000 tonnes
|
Area/Enterprise
|
Soybean Oil Stocks
|
Soybean Oil in Outstanding Contracts
|
|
|
Week 20
|
Week 19
|
Variation
|
Week 20
|
Week 19
|
Variation
|
|
Northeast China
|
3.05
|
2.55
|
0.5
|
6.35
|
6.9
|
-0.55
|
|
North China
|
23.55
|
22.97
|
0.58
|
23.55
|
19.55
|
4
|
|
Shandong
|
11.66
|
11.46
|
0.2
|
9.71
|
9.18
|
0.53
|
|
East China
|
44.42
|
44.95
|
-0.53
|
37.3
|
38.05
|
-0.75
|
|
Guangdong
|
11.548
|
10.87
|
0.678
|
25.4
|
24.81
|
0.59
|
|
Guangxi
|
12.065
|
11.765
|
0.3
|
14.9
|
12.06
|
2.84
|
|
Fujian
|
7.75
|
7
|
0.75
|
4.85
|
4.53
|
0.32
|
|
Henan
|
2.925
|
3.62
|
-0.695
|
0.97
|
1.13
|
-0.16
|
|
Sichuan
|
3.25
|
3.47
|
-0.22
|
3.08
|
2.85
|
0.23
|
|
Others
|
10.6
|
10.03
|
0.57
|
5.35
|
1.47
|
3.88
|
|
Total
|
130.818
|
128.685
|
2.133
|
131.46
|
120.53
|
10.93
|
Comments: soybean oil stocks recover this week after previous declines, and according to Cofeed, soybean oil in China's business inventories till May 18th is pegged at 1,290,000 tonnes, generally up 3,150 tonnes by 0.24% from 1,286,850 tonnes on the week, but down 54,800 tonnes by 4.07% from 1,344,800 tonnes on the month. Meantime as opposed to the same period a year earlier, it is up 53,200 tonnes by 4.3% from 1,236,800 tonnes, and on the very note, average stocks of soybean oil in recent five years are around 979,590 tonnes.
Attributed to machine halt in some mills about half a month, operation rate nationwide this week is seen rising after consumption of soybean meal in stockpiles. Generally speaking, national soybean crush this week is around 1,582,450 tonnes (1,250,135 tonnes of soybean meal, 300,665 tonnes of soybean oil), growing by 7.92% or 116,200 tonnes vis-a-vis 1,466,250 tonnes last week. Meantime, soybean processing capacity utilization climbs to 45.81%, 3.37 percentage points higher than 42.44% last week. Delivery of soybean oil these days does not go smooth amid slow shipments in mills, therefore increasing output of soybean oil urges buyers to make delivery fast.
Since the Summit for Shanghai Cooperation Organization is to be held in Qingdao in June, mills away from Qingdao within 200 kilometers are required to close down from May 30th to June 11th, according to a government notice. At the news, mills in Qingdao, Longkou and Rizhao, all located in Shangdong province have recently increased processing capacity in full swing to ensure an ample supply later. Such being the case, total soybean crush in week 21 nationwide, according to Cofeed, largely rise to 1.68 Mln tonnes, and even to 1.70 Mln tonnes in week 22 , the week after next.
Figure: Comparison of domestic soybean oil stocks in recent years
