Soybean: The data show a slight decline in soybean inventory amid low volume put in storage, albeit continuous cargoes arriving at ports. On the week as of April 26th, imported soybean inventory is 3,728,000 tonnes in main domestic coastal oil mills, down 4,500 tonnes by 0.12% from 3,732,500 tonnes last week and by 7.32% from 4,022,500 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 have reduced fractionally, for its trading volume has hit around 1.25 mln tonnes when soybean crush declined to 1.66 mln tonnes. On the week as of April 26th, soybean meal stockpiles in main domestic coastal oil mills total 622,200 tonnes, down 79,600 tonnes by 11.34% from 701,800 tonnes last week, and by 41.77% from 1,068,700 tonnes of the corresponding period last year. Its stockpiles will keep rising later as oil mills may raise utility rate 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 see modest rises this week. On the week as of April 26th, contracts in domestic main areas hold 3,189,500 tonnes unfinished, up ,10,300 tonnes by 0.32% from 3,179,200 tonnes last week yet markedly down by 40.74% from 5,382,700 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
