Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 18, 2019)
According to Cofeed, on the week as of May 3rd, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
Amid a further drop in utilization rate for machine maintenance and supply disruptions during the May Day holiday, soybean crush this week (Apr. 27th-May 3rd) totals 1,489,850 tonnes (meal 1,176,981 tonnes and oil 283,071 tonnes), a reduction of 170,450 tonnes by 10.26% from 1,660,300 tonnes last week. Meanwhile, utilization rate (capacity utilization) has declined by 4.67 percentage points to42.03% from 46.70% last week. Soybean crush is predicted to be raised to 1.70Mln tonnes next week for and around 1.84 Mln tonnes the following week .
Therefore, soybean oil inventory continues to increase yet just modestly. As of May 3rd, soybean oil inventory has totaled 1,397,700 tonnes, up 15,600 tonnes by 1.13% from 1,382,100 tonnes last week, up 59,500 tonnes by 4.45% from 1,338,200 tonnes month-on-month, and up 102,700 tonnes by 7.93% from 1,295,000 tonnes year-on-year. And the five-year average at the same period is 1,016,100 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
