Soybean Oil Stocks and Amounts in Outstanding Contracts in China (Week 24, 2019)
According to Cofeed, on the week as of June 14th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
This week (June 8th-14th), as mills have fractionally cut down their utilization rate, soybean crush reaches a total of 1,726,200 tonnes (meal 1,363,698 tonnes and oil 327,978 tonnes), a reduction of 52,600 tonnes by 2.95% from 1,778,800 tonnes last week. Meanwhile, utilization rate (capacity utilization) has decreased by 1.76 percentage points to 48.32% from 50.08% last week. The crush is predicted to recover with rising utilization in the next two weeks to around 1.82 mln tonnes next week and to 1.83 mln tonnes the following week.
And soybean oil inventory has thus slowed down its growth this week. On the week as of June 14th, the inventory has totaled 1,459,950 tonnes, up 17,050 tonnes by 1.18% from 1,407,500 tonnes last week, up 59,950 tonnes by 4.28% from 1,400,000 tonnes month-on-month, and up94,950 tonnes by 6.96% from 1,365,000 tonnes year-on-year. And the five-year average at the same period is 1,135,600 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
