Comment: albeit stockpiles of soybeans further pile up after fairly large arrivals of imported soybeans, growing oilseeds crushing otherwise eases stocks rises. In week 26 ended on June 29th, stocks of imported soybeans in China’s major coastal areas total 6,295,600 tonnes vis-a-vis 6,231,100 tonnes, up 64,500 tonnes by 1.03% on the week, and up 6.33% contrasting with 5,411,500 tonnes year on year. In general, growing pace of soybean stockpiles will be eased later on condition of rising operation rate. 

    Soybean meal production grows in wake of rising oilseeds crushing in mills, yet its stockpiles show little change for soybean meal spots rise substantially on the domestic market attributed to worrisome trade conflicts and turnover turns better when businesses make replenishment upon bargain hunting. Till June 29th, total stocks in costal major areas come into at 1,239,100 tonnes, up 900 tonnes by 0.07% compared with 1,238,200 tonnes last week, and as compared to 1,053,200 tonnes year on year, it is up 17.64%. Generally speaking, stockpiles of soybean meal later are expected to remain high as long as soybean crush increases in the following two weeks.

    Soybean meal to fulfill in contracts continues to edge down. Till June 29th, soybean meal amounts in outstanding contracts are shriveled from 5,608,900 tonnes to 5,197,700 tonnes on the week, down 411,200 tonnes by 7.33%, but it still up 19.80% vis-a-vis 4,338,600 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