Comment: soybean crush is not that large this week since soybean arrivals are under way even though stockpiles of soybeans continue to pile up. Till May 18th, stocks of imported soybeans in China’s major coastal areas have further increased to 5,156,300 tonnes, up 245,300 tonnes by 4.99% from 4,911,000 tonnes on the week, and vis-a-vis the same week a year earlier, the stocks are also up 7.50% from 4,796,300 tonnes. By and large, stockpiles of soybean would pile up overall based on assured large soybean arrivals.

    Traded volumes of soybean meal at the end of this week turn better, helped by buyers’ engagement in replenishment making after declining meals spot prices. Till May 18th, total stocks in costal major areas come in at 1,151,300 tonnes, down 56,100 tonnes by 4.64% from 1,207,400 tonnes last week, but when compared with 1,014,500 tonnes a year ago, stocks are still up 13.48%. Generally speaking, soybean meal is somehow be eased in stockpiles after a half month of machine halt in some mills, yet stockpiles will not fall impressively factored in resumed operation one after another.

    Till May 18th, soybean meal amounts in outstanding contracts decline to 6,070,100 tonnes, with a reduction of 327,800 tonnes by 5.12% if compared with 6,397,900 tonnes attained last week, but still up 39.71% as opposed to 4,344,700 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