Comment: though stockpiles of soybeans increase in wake of gradual arrivals of imported soybeans, climbing oilseeds crushing slows down the growing pace. In week 24 ended on June 15th, stocks of imported soybeans in China’s major coastal areas total 6,078,200 tonnes vis-a-vis 6,011,900 tonnes, up 66,300 tonnes by 1.10% on the week, and up 20.77% as compared to 5,032,800 tonnes year on year. In general, growing pace of soybean stockpiles will be slowed down later on condition of rising operation rate. 

    Stockpiles of soybean meal are also seen accumulating this week given soybean meal production augments in wake of increased soybean crush. Till June 15th, total stocks in costal major areas are pegged at 1,116,200 tonnes compared with 1,057,900 tonnes last week, with a rise of 58,300 tonnes by 5.51%, yet as compared to 1,192,700 tonnes the prior year, stocks still decrease by 6.414%. Generally speaking, stockpiles of soybean meal will be piling up provided if soybean crush reaches1.80 Mln and 1.89 Mln tonnes in the following two weeks.

    Soybean meal to fulfill in contracts continues to edge down. Till June 15th, soybean meal amounts in outstanding contracts decrease from 6,406,000 tonnes attained last week to 6,313,800 tonnes, down 92,200 tonnes by 1.44%, but it still up 39.54% vis-a-vis 4,524,500 tonnes year on year.

 

                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