Comment: stocks of soybeans this week continue to fall since soybean crushing increases, whist soybeans having arrived at ports have to wait in line due to slow unloading. In week 30 ended on July 27th, stocks of imported soybeans in China’s major coastal areas amount to 6,377,200 tonnes, down 49,700 tonnes by 0.77% on the week as compared to 6,426,900 tonnes last week, but up 4.76% contrasting with 6,087,300 tonnes year on year. In general, stockpiles of soybeans are estimated to fall further provided if soybean crushing in the following two weeks climbs to 1.74 Mln and 1.83 Mln tonnes.

    Owing to slightly increased oilseeds crushing, and limited soybean meal consumption amid slack demand in end users, soybean meal piles up this week. Till July 27th, total stocks in costal major areas settles at 1,248,600 tonnes, up 20,200 tonnes by 1.97% from 1,228,400 tonnes last week, and contrasting with 1,227,600 tonnes year on year, it is also up 1.71%. Stockpiles of soybean meal next week are forecast to go down for shipments are expected to increase when there is a sigh of rebound for soybean meal.

    Soybean meal amounts in outstanding contracts till July 27th have been further downsized to 5,295,100 tonnes, about 484,500 tonnes or 8.38% lower than 5,779,600 tonnes last week, but as compared to 3,982,900 tonnes year on year, it is still up 32.94%. 

                 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