Soybean: Soybean inventory continues to drop this week due to its small volume put in storage, although its crush volume has climbed to 1.60 Mln tonnes in oil mills. On the week of March 22nd, imported soybean inventory has totaled 3,720,400 tonnes in main domestic coastal oil mills, down 145,300 tonnes by 3.76% from 3,865,700 tonnes last week and by 12.58% from 4,255,900 tonnes of the same period last year. The inventory is predicted to decline gradually yet at a slower pace before intensive arrivals in the second half of April.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal inventory has declined slightly this week amid quick shipment, in spite of lower trading volume than last week. On the week as of March 22nd, soybean meal stock in main domestic coastal oil mills is 623,100 tonnes, down 20,800 tonnes by 3.23% from 643,900 tonnes last week, and down by 22.10% from 799,900 tonnes of the corresponding period last year. The inventory is predicted to pick up fractionally next week, for soybean crush will probably go above 1.70 Mln tonnes and downstream buyers are still digesting their stockpiles.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills continue to increase fractionally this week. On the week ended March 22nd, contracts in domestic main areas hold 2,628,200 tonnes unfinished, up 37,100 tonnes by 1.43% from 2,591,100 tonnes last week, yet sharply down by 50.75% from 5,337,500 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
