Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 7, 2019)
According to Cofeed, this week (as of Feb. 15th), details of soybean oil stock and amounts in outstanding contracts are as follows:
Unit: 0’000 tonne
As operation rate keeps low for the Spring Festival, soybean crush this week (Feb. 9th-15th) totals 511,300 tonnes (meal 403,927 tonnes and oil 97,147 tonnes), an increment of 488,200 tonnes by 2113.4% from 23,100 tonnes last week. Meanwhile, operation rate (capacity utilization) has gone up by 13.77 percentage points to 14.42% from 0.65% last week, and it will gradually recover to a normal level with a weekly crush volume of 1.54 Mln tonnes next week and 1.75 Mln tonnes in week 9.
Soybean oil inventory has continued to decline upon sharp drops in operation rate. As of Feb. 15th, the inventory has totaled 1,310,300 tonnes, down 27,800 tonnes by 2.08% from 1,338,100 tonnes before the festival, down 158,000 tonnes by 10.76% from 1,468,300 tonnes month-on-month, and down 105,550 tonnes by 7.45% from 1,415,850 tonnes year-on-year. And the five-year average at the same period is 1,055,250 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
