Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 44, 2018)
According to Cofeed, this week (as of Nov. 2nd), details of soybean oil stock and amounts in outstanding contracts are as follows:
Unit: 0’000 tonne
This week (Oct 27th-Nov 2nd), operation rate has dropped from a high level as some oil mills have halted or limited production for lack of soybeans or inventory pressure of soybean meal in late October and early November. The crush volume in domestic oil mills totals 1,865,100 tonnes (meal 1,473,429 tonnes and oil 354,369 tonnes), down 150,300 tonnes by 7.45% from 2,015,400 tonnes last week. The operation rate (capability utilization) is 53.25% this week, down 4.29% from 57.54% last week. As some oil mills have stopped or limited their production for slow soybean meal deliveries, the crush volume will continue to drop to about 1.80 Mln tonnes in week 45, but it will rise back to 1.86 Mln tonnes in week 46.
Soybean oil stocks stop rising to fall this week due to a reducing output. As of November 2nd, the inventory of soybean oil totals 1,848,000 tonnes, down 9,700 tonnes by 0.52% from 1,857,700 tonnes last week, yet up 133,000 tonnes by 7.76% from 1,715,000 tonnes month-on-month, and up 258,000 tonnes by 16.23% from 1,590,000 tonnes year-on-year. And the mean of the same period in recent five years is 1,380,800 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
