According to Cofeed, on the week as of May 10th, details of soybean oil inventories and outstanding contracts are as follows:

 

　　Unit: 0’000 tonne

　　

 

      Soybean oil inventory declines fractionally this week. As of May 10th, soybean oil inventory has totaled 1,396,600 tonnes, down 1,100 tonnes by 0.08% from 1,397,700 tonnes last week, yet up 51,100 tonnes by 3.8% from 1,345,500 tonnes month-on-month, and up 91,600 tonnes by 7.02% from 1,305,000 tonnes year-on-year. And the five-year average at the same period is 1,052,700 tonnes. 

 

　　Amid a pickup in utilization rate, soybean crush this week (May 4th-10th) totals 1,671,200 tonnes (meal 1,320,248 tonnes and oil 317,528 tonnes), an increment of 181,350 tonnes by 12.1% from 1,489,850 tonnes last week. Meanwhile, utilization rate (capacity utilization) has increased by 5.03 percentage points to 42.02% from 47.05% last week. The utilization rate for soybean crush will reach high levels in the coming two weeks as oil mills are keeping their equipment operating for profitable South American crops, so soybean crush may increase to 1.85 mln tonnes next week and to 1.90 mln tonnes the following week. Accordingly, soybean oil inventories will increase in the next two weeks.

　　

　　

　　Fig.: China’s Soybean Oil Stocks in Recent Years