Soybean: as it is the first week in September, less soybean arrivals this week contribute to stockpile declines. In detail, imported soybeans in coastal main areas are trimmed to 6,689,700 tonnes in stockpiles the week ended Sept. 7th, down 275,200 tonnes from 6,964,900 tonnes last week by 3.95%, yet still up 19.52% from 5,596,900 tonnes year on year. Soybean stocks in mills will further go down if its crush recovers to 1.87 Mln tonnes and 1.91 Mln tonnes, respectively in following two weeks.

    Soybean meal: soybean meal decreases in stocks after lowered soybean crush in mills but overall good turnover in the week. Till Sept. 7th, total stocks in costal major areas are cut to 1,020,900 tonnes, down 167,100 tonnes from 1,188,000 tonnes by 14.06%, yet still up 23.76% contrasting with 824,900 tonnes year on year. Despite recovered operation rate to be in next two weeks, soybean meal stocks are to come down further helped by elevated meal demand.

    Soybean meal amounts in outstanding contracts see a further rise this week. Till Sept. 7th, amounts in coastal main areas to fulfill in contracts have grown from 5,298,600 tonnes the prior week to 6,068,400 tonnes, about 769,800 tonnes and 14.52% higher by comparison, and up 20.90% vis-a-vis 5,019,200 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