According to Cofeed, this week (as of Dec. 21st), details of soybean oil stock and amounts in outstanding contracts are as follows:
Unit: 0’000 tonne
Soybean oil stock continues to post a steep decline as oil mills have quickened their pace to take delivery recently. As of December 21st, the inventory of soybean oil totals 1,645,700 tonnes, down 49,000 tonnes by 2.89% from 1,694,700 tonnes last week, down 162,200 tonnes by 8.97% from 1,807,900 tonnes month-on-month, and down 24,300 tonnes by 1.46% from 1,670,000 tonnes year-on-year. And the mean of the same period in recent five years is 1,275,500 tonnes.
Merely, operation rate for soybean crush has erased its declines to pick up, for some oil mills have basically resumed their production from soybean shortage and swelling meal inventories after four-consecutive-week digestion. In this case, national soybean crush has come to 1,702,200 tonnes (meal 1,344,738 tonnes and oil 323,418 tonnes), an increment of 96,800 tonnes by 6.02% from 1,605,400 tonnes last week. The operation rate (capacity utilization) has went up by 2.77 percentage points to 48.60% from 45.83% last week. The crush volume will continue to rise in the next two weeks, to around 1.77 Mln tonnes next week (week 52) and to 1.80 Mln tonnes in week 1, 2019.
Fig.: China’s Soybean Oil Stocks in Recent Years
