Soybean: The inventory has seen a slight increment this week contributed to another fall in its crush to 1.76 mln tonnes. On the week as of May 31st, imported soybean inventory is 4,346,800 tonnes in main domestic coastal oil mills, up 167,200 tonnes by 4.00% from 4,179,600 tonnes last week yet down by 25.00% from 5,796,500 tonnes of the same period last year. With ongoing arrivals of soybean at ports, the inventory likely continues to rise later.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: The stockpiles have increased fractionally this week on low trading volume as downstream buyers show lower enthusiasm, although soybean crush has seen another fall. On the week as of May 31st, soybean meal stockpiles in main domestic coastal oil mills total 640,900 tonnes, up 28,100 tonnes by 4.59% from 612,800 tonnes last week yet down by 41.76% from 1,100,600 tonnes a year earlier. As soybean crush will return to around 1.85 mln tonnes next week, soybean meal stockpiles will increase even further.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: Outstanding contracts of soybean meal in oil mills continue to reduce this week. On the week as of May 31st, contracts in domestic main areas hold 3,664,400 tonnes unfinished, down 56,900 tonnes by 1.53% from 3,721,300 tonnes last week and markedly down by 45.90% from 6,774,500 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
