Soybean: stocks continue to pile up nationwide this week ended on Aug. 17th after mills in Rizhao and Tianjin restart machines with largely high operation rate. In week 33, imported soybeans in China’s main coastal areas come into at 7,092,000 tonnes, about 1.48% and 103,500 tonnes higher than 6,988,500 tonnes, and also up 22.66% contrasting with 5,781,400 tonnes year on year. Generally, soybean rises in stocks may been seen narrowed or soybean stocks may even fall down if soybean crush remains high at around 1.98 Mln tonnes and 2 Mln tonnes in next two weeks.

    Soybean meal: assured by impressively high operation rate, soybean meal now are sufficient in supply, meantime as resumed talks between China and the US sink futures on the domestic market, buyers’ caution for market involvement help soybean meal pile up in stocks. Till Aug. 17th, total stocks in costal major areas are pegged at 1,264,000 tonnes, generally up 105,700 tonnes by 9.12% contrasting with 1,158,300 tonnes, and up 22.30% as compared to 1,033,500 tonnes year on year. In the event that oilseed crushing in the next two weeks increase, soybean meal next week is probable to pile up in stocks.

 

    Soybean meal amounts in outstanding contracts edge down as amounts in new orders are not many. Till Aug. 17th, amounts in coastal main areas have been slightly cut to 5,923,600 tonnes, about 688,400 tonnes and 10.41% less than 6,612,000 tonnes attained last week, yet still 19.46% higher than 4,958,400 tonnes year on year. 

                         Figure 1: China’s coastal soybean carry-over stocks in recent years

                        Figure 2: Chin’s coastal soybean meal carry-over stocks in recent years

                   Figure 3: China’s coastal soybean meal in outstanding contracts in recent years