Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 9, 2019)
According to Cofeed, this week (as of Mar. 1st), details of soybean oil stock and amounts in outstanding contracts are as follows:
Unit: 0’000 tonne
As operation rate has continued to go up, soybean crush this week (Feb. 23rd-Mar. 1st) totals 1,677,600 tonnes (meal 1,325,304 tonnes and oil 318,744 tonnes), an increment of 111,200 tonnes by 7.09% from 1,566,400 tonnes last week. Meanwhile, operation rate (capacity utilization) has gone up by 3.14 percentage points to 47.33% from 44.19% last wee. Due to swelling inventory of soybean meal and inadequate soybean supply, soybean crush will fall to 1.55 Mln tonnes and 1.63 Mln tonnes in the next two weeks respectively.
Soybean oil inventory continues to increase this week for rising operation rate. As of March 1st, the inventory has totaled 1,340,700 tonnes, up 3,200 tonnes by 0.24% from 1,337,500 tonnes before the festival, up 2,600 tonnes by 0.19% from 1,338,100 tonnes month-on-month, yet down 59,300 tonnes by 4.24% from 1,400,000 tonnes year-on-year. And the five-year average at the same period is 1,044,700 tonnes. Growth in soybean oil inventory is predicted to narrow down with downward operation rate in the coming two weeks.
Fig.: China’s Soybean Oil Stocks in Recent Years
