Soybean: Soybean inventory continues to grow yet at a far slower pace this week as importers start receiving goods at ports with pickups in operation rate among oil mills. On the week of April 12th, imported soybean inventory has totaled 3,991,100 tonnes in main domestic coastal oil mills, up 39,300 tonnes by 0.99% from 3,951,800 tonnes last week and by 0.64% from 4,017,000 tonnes of the same period last year. Soybean inventory is predicted to see growth 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 slightly increase this week with its growing supply from rising soybean crush. On the week as of April 12th, soybean meal stock in main domestic coastal oil mills is 678,100 tonnes, up 69,700 tonnes by 11.46% from 608,400 tonnes last week, yet down by 13.62% from 785,100 tonnes of the corresponding period last year. The inventory is predicted to continue its small growth next week, as soybean crush will likely reach 1.78 Mln tonnes.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills see a small increment this week. On the week as of April 12th, contracts in domestic main areas hold 3,273,600 tonnes unfinished, up 30,100 tonnes by 0.93% from 3,243,500 tonnes last week yet sharply down by 44.99% from 5,951,900 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
