According to Cofeed, latest soybean oil stocks and amounts in outstanding contracts in China's major areas in week 31 ended on August 3rd (hereinafter referred to this week) are shown as follows:
Unit: 0’000 tonnes
|
Area/Enterprise
|
Soybean Oil Stocks
|
Soybean Oil in
Outstanding Contracts
|
|
|
Week 31
|
Week 30
|
Variation
|
Week 31
|
Week 30
|
Variation
|
|
Northeast China
|
7.6
|
7.85
|
-0.25
|
9
|
9.8
|
-0.8
|
|
North China
|
30.52
|
30.8
|
-0.28
|
21.05
|
22.5
|
-1.45
|
|
Shandong
|
12.81
|
12.89
|
-0.08
|
11.09
|
12.44
|
-1.35
|
|
East China
|
53.85
|
53.9
|
-0.05
|
32.98
|
32.68
|
0.3
|
|
Guangdong
|
15.94
|
16.07
|
-0.13
|
25.85
|
26.1
|
-0.25
|
|
Guangxi
|
12.99
|
13.63
|
-0.64
|
13.95
|
12.75
|
1.2
|
|
Fujian
|
9.6
|
10
|
-0.4
|
4.7
|
4.8
|
-0.1
|
|
Henan
|
3.06
|
3.258
|
-0.198
|
0.48
|
1.032
|
-0.552
|
|
Sichuan
|
2.96
|
2.28
|
0.68
|
2.49
|
2.7
|
-0.21
|
|
Others
|
9.28
|
8.37
|
0.91
|
2.04
|
1.54
|
0.5
|
|
Total
|
158.61
|
159.048
|
-0.438
|
123.63
|
126.342
|
-2.712
|
Comments: soybean oil stocks this week are a tad lower, and according to Cofeed, soybean oil in China's business inventories ended August 3rd drops to 1,586,100 tonnes, generally down 4,380 tonnes by 0.28% from 1,590,480 tonnes last week, but vis-a-vis 1,505,700 tonnes the same week last month, it is otherwise up 80,400 tonnes by 5.34%. Meantime, it is also up 166,100 tonnes by 11.7% from 1,420,000 tonnes the prior year, and in this way, average stocks of soybean oil in recent five years now come into at 1,301,260 tonnes.
With resumed normal operation in some mills, national soybean crush this week further climbs to 1,766,100 tonnes (1,395,219 tonnes of soybean meal, 335,559 tonnes of soybean oil), up 94,750 tonnes by 5.66% from 1,671,350 tonnes on the week. Meantime, soybean processing rate (capacity utilization) also rises to 51.12%, about 2.74 percentage points higher than 48.38% attained last week. Total soybean crush in week 32 next week, according to Cofeed, will probably reach 1.85 Mln tonnes and even 1.90 Mln tonnes in week 33 if operation rate further improves. As such, soybean oil stocks are expected to pile up in the near future.
Figure: China’s Soybean Oil Stocks in Recent Years
