Soybean: Soybean inventory snapped off its decline to rise as operation rate dropped for equipment maintenance and soybean shortage. On the week of April 5th, imported soybean inventory has totaled 3,951,800 tonnes in main domestic coastal oil mills, up 405,000 tonnes by 11.42% from 3,546,800 tonnes last week and by 11.01% from 3,559,600 tonnes of the same period last year. Soybean inventory is predicted to inch back with its intensive arrivals in the second half of April.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stockpiles have slightly dropped this week amid its strong trading volume of 984,900 tonnes at low prices and upon low forward basis. On the week as of April 5th, soybean meal stock in main domestic coastal oil mills is 608,400 tonnes, down 23,800 tonnes by 3.76% from 632,200 tonnes last week, and down by 21.36% from 773,700 tonnes of the corresponding period last year. The inventory is predicted to slow down its decline next week, as downstream buyers will spend some time 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 posted a sharp rise this week. On the week as of April 5th, contracts in domestic main areas hold 3,243,500 tonnes unfinished, up 646,100 tonnes by 24.87% from 2,597,400 tonnes last week yet sharply down by 35.95% from 5,064,300 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
