Soybean: Soybean stock slows down its upside step, for oil mills are working hard to increase the crush volume to satisfy delivery speed among downstream companies for the upcoming of China’s National Day. Until Week 39 (as of Sept. 28th), imported soybean stock in domestic coastal area amounts to 7,296,600 tonnes, an increase of 59,600 tonnes by 0.82% from 7,237,000 tonnes last week, and a large increase by 63.03% as against 4,475,500 tonnes of the corresponding period last year. The total stock is predicted to show some declines due to the small arrival amount of soybean at port in October.

Until this week (as of September 28th), soybean meal stock in main domestic coastal oil mills amounts to 886,600 Mln tonnes, up 20,200 tonnes by 2.33% from 866,400 tonnes last week, and up by 3.08% from 860,100 tonnes during the same period last year. For the golden holiday, weekly crush volume will fall to 1.73 Mln tonnes in the next two weeks, but soybean meal stock will see few changes since the delivery volume will be small during the holiday. 

      This week, outstanding contracts of soybean meal in oil mills go on to reduce. As of September 28th, contracts in main domestic coastal oil mills hold 4,721,200 tonnes unfinished, down 396,800 tonnes by 7.75% from 5,118,000 tonnes last week, yet up 13.98% from 4,142,000 tonnes of the corresponding period last year.

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

      Fig. 2: China’s coastal soybean meal carry-over stocks in recent years