According to Cofeed, latest soybean oil stocks and amounts in outstanding contracts in China's major areas in week 34 ended on Aug. 24th (hereinafter referred to this week) are shown as follows:
Unit: 0’000 tonnes
|
Area/Enterprise
|
Soybean Oil Stocks
|
Soybean Oil in
Outstanding Contracts
|
|
|
Week 34
|
Week 33
|
Var.
|
Week 34
|
Week 33
|
Var.
|
|
Northeast China
|
6.75
|
7.23
|
-0.48
|
7.5
|
8.55
|
-1.05
|
|
North China
|
30.1
|
30.13
|
-0.03
|
19.75
|
21.5
|
-1.75
|
|
Shandong
|
12.55
|
12.34
|
0.21
|
12.3
|
11.63
|
0.67
|
|
East China
|
52.5
|
53.2
|
-0.7
|
31.14
|
29.49
|
1.65
|
|
Guangdong
|
17.64
|
16.83
|
0.81
|
27.35
|
26.67
|
0.68
|
|
Guangxi
|
13.51
|
12.86
|
0.65
|
15.9
|
16.9
|
-1
|
|
Fujian
|
14.35
|
12.92
|
1.43
|
5.8
|
4.75
|
1.05
|
|
Henan
|
2.63
|
2.77
|
-0.14
|
0.38
|
0.46
|
-0.08
|
|
Sichuan
|
4.25
|
3.85
|
0.4
|
3.48
|
3.95
|
-0.47
|
|
Others
|
9.6
|
9.17
|
0.43
|
1.95
|
2.12
|
-0.17
|
|
Total
|
163.88
|
161.3
|
2.58
|
125.55
|
126.02
|
-0.47
|
Soybean oil this week continue to pile up in stocks and according to Cofeed, soybean oil in China's business inventories till Aug. 24th climbs to 1,638,800 tonnes, up 25,800 tonnes by 1.6% over 1,613,000 tonnes last week, and up 74,800 tonnes from 1,564,000 tonnes the same week last month (week 30) by 4.78%. Meantime contrasting with 1,435,000 tonnes the prior year, it is still up 203,800 tonnes by 14.2%. In this way, average stocks of soybean oil in recent five years now settle at 1,329,300 tonnes.
The operation rate is a tad lower this week (Aug. 18th- 24th) as some mills are under machine overhaul. Consequently, national soybean crush is shrunk to 1,915,700 tonnes (1,513,403 tonnes of soybean meal, 363,983 tonnes of soybean oil), down 36,092 tonnes or 1.84% from 1,951,792 tonnes last week. Meantime, soybean processing rate (capacity utilization) also falls to 54.84% from 55.88% on the week, about 1.04 percentage points lower. Total soybean crush, according to Cofeed, will probably settle at 1.88 Mln tonnes in week 35 next week and at 1.9 Mln tonnes in week 36 in the event that more and more mills are under machine overhaul near the end of August with lowered operation rate. To some extent, there have limited upward potentials for soybean meal stocks in next two weeks, and demand for soybean oil will also be eased after intensive stockpiling for packing oils comes to an end before mid-September.
Figure: China’s Soybean Oil Stocks in Recent Years
