According to Cofeed, latest soybean oil stocks and amounts in outstanding contracts in China's major areas in week 38 ended Sept. 21st (hereinafter referred to this week) are shown as follows:
Unit: 0'000 T
|
Area/Enterprise
|
Soybean Oil Stocks
|
Soybean Oil in
Outstanding Contracts
|
|
|
Week 38
|
Week 37
|
Var.
|
Week 38
|
Week 37
|
Var.
|
|
Northeast China
|
7.25
|
7.95
|
-0.7
|
8.7
|
7.8
|
0.9
|
|
North China
|
31.3
|
29.77
|
1.53
|
23
|
24.05
|
-1.05
|
|
Shandong
|
11.52
|
11.97
|
-0.45
|
14.42
|
15.23
|
-0.81
|
|
East China
|
54.75
|
54
|
0.75
|
30.73
|
31.57
|
-0.84
|
|
Guangdong
|
17.66
|
17.32
|
0.34
|
27.05
|
27.1
|
-0.05
|
|
Guangxi
|
11.86
|
11.46
|
0.4
|
14.63
|
15.66
|
-1.03
|
|
Fujian
|
14.9
|
13.3
|
1.6
|
6.6
|
6.1
|
0.5
|
|
Henan
|
2.65
|
2.27
|
0.38
|
0.22
|
0.19
|
0.03
|
|
Sichuan
|
4.3
|
3.85
|
0.45
|
3.65
|
3.85
|
-0.2
|
|
Others
|
9.2
|
7.33
|
1.87
|
2.38
|
3.83
|
-1.45
|
|
Total
|
165.39
|
159.22
|
6.17
|
131.38
|
135.38
|
-4
|
Soybean oil this week continue to accumulate in stocks and according to Cofeed, soybean oil in China's commercial inventories till Sept. 21st is up to 1,653,900 tonnes from 1,592,200 tonnes last week, about 61,700 tonnes and 3.88% higher by contrast, about 36,200 tonnes and 2.24% higher than 1617,700 tonnes the same week last month, and 283,900 tonnes higher than 1,370,000 tonnes on a year-on-year basis by 20.72%. In this way, average stocks of soybean oil in recent five years now settle at 1,295,020 tonnes.
Albeit mills in Guangdong province and its surroundings suspend operation under the typhoon, little impact is posed on soybean crush as mills try to resume operation as soon as possible after the short-lived suspension. Additionally, to meet expanded delivery in downstream especially in the run-up to the Chinese holiday, soybean operation rate actually is revised up this week (Sept. 15th- 21st). National soybean crush thereby amounts to 1,943,500 tonnes (1,535,365 tonnes of soybean meal, 369,265 tonnes of soybean oil), up 91,600 tonnes from 1,851,900 tonnes attained last week by 4.94%. Meantime, soybean processing rate (capacity utilization) also ascends to 55.64% from 53.02% the prior week, about 2.62 percentage points higher by comparison.
Operation rate in oil mills further goes up, followed by growing soybean oil output this week. Nonetheless, soybean oil presents a dull trade among midstream and downstream traders amid the finished stockpiling for packing oils. Additionally, eased pace in goods delivery also leaves an largely accumulative stockpiles of soybean oil this week.
Figure: China’s Soybean Oil Stocks in Recent Years
