Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 20, 2019)
According to Cofeed, on the week as of May 17th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
Soybean oil inventory sees an obvious rise this week. As of May 17th, soybean oil inventory has totaled 1,449,400 tonnes, up 52,800 tonnes by 3.78% from 1,396,600 tonnes last week, up 90,500 tonnes by 6.66% from 1,358,900 tonnes month-on-month, and up 159,400 tonnes by 12.36% from 1,305,000 tonnes year-on-year. And the five-year average at the same period is 1,053,100 tonnes.
Domestic mills have picked up utilization rate sharply as they are trying to power on all their production lines for handsome crush margins in South American crops. This week (May 11th-17th), soybean crush totals 1,935,600 tonnes (meal 1,529,124 tonnes and oil 367,764 tonnes), an increment of 264,400 tonnes by 15.82% from 1,671,200 tonnes last week. Meanwhile, utilization rate (capacity utilization) has increased by 7.45 percentage points to 54.50% from 47.05% last week. The utilization rate will remain high in the coming two weeks, so soybean crush may increase to 1.94 mln tonnes next week and to 1.99 mln tonnes the following week. Accordingly, soybean oil inventories will continue its rises in the next two weeks.
Fig.: China’s Soybean Oil Stocks in Recent Years
