Soybean: Soybean stockpiles have scaled back again upon sharp crushing increment to 1.56 million tonnes. This week (as of Feb. 22nd), imported soybean stockpiles total 5,549,500 tonnes in main domestic coastal oil mills, a reduction of 243,000 tonnes by 4.2% from 5,792,500 tonnes last week, yet an increment by 31.78% from 4,422,000 tonnes of the same period last year. Crush volume will continue to increase in the next few weeks amid small arrivals in the first quarter, so port soybean inventories will drop further later, and its supply will likely get tight at the end of this quarter but will start to pick up in the second half of April.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean inventories have picked up slightly on big rallies in operation rate. This week (as of Feb. 22nd), soybean meal stock in main domestic coastal oil mills is 644,700 tonnes, up 79,100 tonnes by 13.99% from 565,600 tonnes last week, yet down by 8.81% from 707,000 tonnes of the same period last year. The inventory will continue to increase with sustained rallies in operation rate.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills have increased fractionally this week. On the week as of Feb. 22nd, contracts in domestic main areas hold 1,971,900 tonnes unfinished, up 12,300 tonnes by 0.63% from 1,959,600 tonnes last week, yet down by 56.97% from 4,582,700 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
