Soybean: Soybean inventory continues to drop this week due to its small volume put in storage, although its crush has climbed to 1,668,400 tonnes amid pickups in operation rate in oil mills. On the week of March 29th, imported soybean inventory has totaled 3,546,800 tonnes in main domestic coastal oil mills, down 173,600 tonnes by 4.67% from 3,720,400 tonnes last week and by 5.92% from 3,770,300 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 climbs higher fractionally this week due to its increased output under growing soybean crush. On the week as of March 29th, soybean meal stock in main domestic coastal oil mills is 632,200 tonnes, up 9,100 tonnes by 1.46% from 623,100 tonnes last week, yet down by 19.98% from 790,100 tonnes of the corresponding period last year. The inventory is predicted to pick up next week, for soybean crush will continue to rise when downstream buyers are still digesting their stockpiles after a wave of replenishment in March.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills drop slightly this week. On the week ended March 29th, contracts in domestic main areas hold 2,597,400 tonnes unfinished, down 30,800 tonnes by 1.17% from 2,628,200 tonnes last week and sharply down by 47.37% from 4,935,800 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
