Soybean: Soybean inventory continues to drop this week after soybean crush reached 1.67 Mln tonnes last week, coupled by few arrivals in February. On the week as of March 1st, imported soybean stockpiles total 4,915,400 tonnes in main domestic coastal oil mills, a reduction of 634,100 tonnes by 11.43% from 5,549,500 tonnes last week, and by 5.07% from 5,178,000 tonnes of the same period last year. Soybean stockpiles will fall further before April due to few arrivals in the first quarter, but its supply tensions from the end of March to the first half of April have been eased after a higher-than-expected import volume of 6.70 Mln tonnes in March.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stockpiles climb higher this week for growing operation rate. On the week as of March 1st, soybean meal stock in main domestic coastal oil mills is 708,200 tonnes, up 63,500 tonnes by 9.85% from 644,700 tonnes last week, yet down by 0.28% from 710,200 tonnes of the same period last year. The inventory will slow down its upward pace as soybean crush will fall to 1.55 Mln tonnes and 1.63 Mln tonnes respectively in the next 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 have further increased fractionally this week. On the week as of March 1st, contracts in domestic main areas hold 2,107,000 tonnes unfinished, up 135,100 tonnes by 6.85% from 1,971,900 tonnes last week, yet down by 55.71% from 4,758,300 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
