According to Cofeed, this week (as of Dec. 14th), details of soybean oil stock and amounts in outstanding contracts are as follows:
Unit: 0’000 tonne
This week (Dec. 8th-14th), as operation rate has dropped for four consecutive weeks due to soybean shortages and swelling inventories, national soybean crush totals 1,605,400 tonnes (meal 1,268,266 tonnes and oil 305,026 tonnes), down 63,600 tonnes by 3.8% from 1,669,000 tonnes last week. In the meantime, the operation rate (capacity utilization ) is 45.83%, down by 1.82% from 47.65% last week. But it will pick up fractionally amid easing soybean meal stocks to a total crush volume of 1.70 Mln tonnes next week (week 51) and to 1.78 Mln tonnes in week 52.
Soybean oil stock continues to post a sharp reduction this week, for its output has decreased with the drop in operation rate. As of December 14th, the inventory of soybean oil totals 1,694,700 tonnes, down 54,000 tonnes by 3.09% from 1,748,700 tonnes last week, down 115,300 tonnes by 6.37% from 1,810,000 tonnes month-on-month, yet up 13,700 tonnes by 0.81% from 1,681,000 tonnes year-on-year. And the mean of the same period in recent five years is 1,292,200 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
