Soybean crush has reversed its declines to rally this week amid eased soybean meal stock pressure and stockpiling for the Spring Festival. Specifically, national soybean crush totals 1,689,400 tonnes (meal 1,334,626 tonnes and oil 320,986 tonnes), an increment of 212,800 tonnes by 14.41% from 1,476,600 tonnes last week. Meanwhile, operation rate (capacity utilization) has gone up by 6 percentage points to 47.66% from 41.66% last week. The crush volume will move higher to 1.80 Mln tonnes next week (week 4) as oil mills will make the final push for ongoing stockpiling, but it will fall back to 1.62 Mln tonnes in week 5 due to upcoming holidays.
Soybean crush volume will total 7,260,000 tonnes in January at current operation rate, down from 7,600,000 tonnes last month and from 8,280,000 tonnes of the same period of last year.
So far, national soybean crush in 2018/2019 (as from Oct. 1st, 2018) totals 27,215,285 tonnes, down 565,250 tonnes by 1.99% from 27,770,535 tonnes of the same period last year. In 2019 (as from Jan. 1st, 2019), national soybean crush amounts to 4,063,885 tonnes, down 860,043 tonnes by 17.46% from 4,923,928 tonnes in 2018.
Fig.: Soybean Weekly Crush in China (2015-2019)
Details for weekly crush are shown as follows:
