Soybean: The data show a decline in soybean inventory as oil mills crushed a total of 1.82 mln tonnes this week. On the week as of April 12th, imported soybean inventory is 3,732,500 tonnes in main domestic coastal oil mills, down 258,600 tonnes by 6.48% from 3,991,100 tonnes last week and by 9.12% from 4,107,200 tonnes of the same period last year. The inventory will be piling up with continuous shipments arriving at ports in late April and May.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal stockpiles keep rising amid growing soybean crush this week. On the week as of April 19th, soybean meal stockpiles in main domestic coastal oil mills have reached 701,800 tonnes, up 23,700 tonnes by 3.50% from 678,100 tonnes last week, yet lower than 952,200 by 26.29% of the corresponding period last year. Its stockpiles will be little changed next week as oil mills may reduce their crush to 1.72 mln tonnes, but will post a slow rise in May amid handsome crush margins.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills post a decline this week. On the week as of April 19th, contracts in domestic main areas hold 3,179,200 tonnes unfinished, down 94,400 tonnes by 2.88% from 3,273,600 tonnes last week yet markedly down by 46.71% from 5,966,700 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
