Soybean: The inventory continues to drop yet just fractionally this week. On the week as of June 14th, imported soybean inventory is 4,264,100 tonnes in main domestic coastal oil mills, down 20,900 tonnes by 0.49% from 4,285,000 tonnes last week and down by 29.84% from 6,078,200 tonnes of the same period last year. With ongoing arrivals of soybean at ports in the third quarter, the inventory likely continues to rise later.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: The total trading volume remains mild this week. As of this Friday, the trading volume is pegged at 482,000 tonnes, a decline of 16.45% from 576,900 tonnes last week and of 44.93% from 875,400 tonnes from a year earlier. On the week as of June 14th, soybean meal stockpiles in main domestic coastal oil mills total 760,000 tonnes, up 23,900 tonnes by 3.25% from 736,100 tonnes last week yet down by 31.91% from 1,116,200 tonnes a year earlier. The inventory will likely keep rising next week on light trading and an crush prospect of 1.82 mln tonnes.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts has decreased this week. On the week as of June 14th, outstanding contracts in domestic main areas hold 3,664,300 tonnes unfinished, down 486,900 tonnes by 11.73% from 4,151,200 tonnes last week and markedly down by 41.96% from 6,313,800 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
