Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 2, 2019)
According to Cofeed, this week (as of Jan. 11th), details of soybean oil stock and amounts in outstanding contracts are as follows:
Unit: 0’000 tonne
Soybean oil stock has dropped sharply this week (as of Jan. 11th). Specifically, the inventory has added up to 1,482,100 tonnes, down 84,900 tonnes by 5.42% from 1,567,000 tonnes last week, down 247,900 tonnes by 14.33% from 1,730,000 tonnes month-on-month, and down 125,600 tonnes by 7.82% from 1,607,700 tonnes year-on-year. And the mean of the same period in recent five years is 1,178,400 tonnes.
Operation rate for soybean crush has been dropping this week, for several oil mills have halted for swelling soybean meal inventories or maintenance. Specifically, national soybean crush totals 1,476,600 tonnes (meal 1,166,514 tonnes and oil 280,554 tonnes), a reduction of 94,700 tonnes by 6.02% from 1,571,300 tonnes last week. Meanwhile, operation rate (capacity utilization) has went down by 2.67 percentage points to 41.66% from 44.33% last week. The crush volume will rise back to around 1.59 Mln tonnes next week and to 1.70 Mln tonnes in week 4 amid reduced pressure of soybean meal stocks. Soybean oil stock will extend its decline for expected future period with the stockpiling before festival underway.
Fig.: China’s Soybean Oil Stocks in Recent Years
