According to Cofeed, on the week as of June 7th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
This week (June 1st-7th), mills have fractionally recovered their utilization rate, which is still smaller than forecast due to soybean shortage and machine maintenance, so soybean crush reaches a total of ,1778,800 tonnes (meal 1,405,252 tonnes and oil 337,972 tonnes), an increment of 12,600 tonnes by 0.71% from 1,766,200 tonnes last week. Meanwhile, utilization rate (capacity utilization) has increased by 0.45 percentage points to 50.18% from 49.73% last week. The crush will decline to around 1.70 mln tonnes next week, but will return to 1.80 mln tonnes the following week.
And soybean oil inventory has thus reversed to increase this week. On the week as of June 7th, the inventory has totaled 1,442,900 tonnes, up 35,400 tonnes by 2.52% from 1,407,500 tonnes last week, up 43,700 tonnes by 3.12% from 1,399,200 tonnes month-on-month, and up 92,900 tonnes by 6.88% from 1,350,000 tonnes year-on-year. And the five-year average at the same period is 1,104,600 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
