Soybean: Soybean stock has continued to build up in coastal mills amid a low crush volume of 1.57 Mln tonnes. This week (as of Jan. 4th), imported soybean stock in domestic coastal areas totals 5,893,500 tonnes, an increment of 210,200 tonnes by 3.69% from 5,683,300 tonnes and by 37.88% from 4,274,300 tonnes of the same period last year. But the overall port stock of soybean will probably decline further later as its arrivals will be not significant in January and February.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stock has been mounting to a swelling state as its shipment is dampened by the rampant African swine fever and the slack aquaculture in winter. As of January 4th, soybean meal stock in main domestic coastal oil mills totals 1,231,300 tonnes, up 99,700 tonnes by 8.81% from 1,131,600 tonnes last week and by 40.75% from 874,800 tonnes of the same period last year. Soybean meal stock will probably slow down its upward momentum next week as the crush volume has maintained a relatively low level of around 1.57 Mln tonnes in the last two weeks.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills has increased slightly this week amid solid trading volume. On the week as of Jan. 4th, contracts in domestic main areas hold 3,490,100 tonnes unfinished, a rise of 363,700 tonnes by 11.63% from 3,490,100 tonnes last week and by 46.24% from 6,492,300 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
