Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 21, 2019)
According to Cofeed, on the week as of May 24th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
Soybean crush is lower than forecast as some mills have reduced their utilization rate for swollen inventories of soybean meal or oil. This week (May 18-24), soybean crush reaches a total of 1,857,700 tonnes (meal 1,467,583 tonnes and oil 352,963 tonnes), a reduction of 77,900 tonnes by 4.02% from 1,935,600 tonnes last week. Meanwhile, utilization rate (capacity utilization) has decreased by 2.2 percentage points to 52.30% from 54.50% last week. The crush will fall further to around 1.79 mln tonnes next week, but it will return to 1.85 mln tonnes in the following week.
Soybean oil inventory has thus declined fractionally. On the week as of May 24th, the inventory has totaled 1,445,400 tonnes, down 4,000 tonnes by 0.28% from 1,449,400 tonnes last week, yet up 59,900 tonnes by 4.32% from 1,385,500 tonnes month-on-month, and up 130,400 tonnes by 9.92% from 1,315,000 tonnes year-on-year. And the five-year average at the same period is 1,077,700 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
