Soybean: According to statistics surveyed by Cofeed, soybean stockpiles have been piling up fractionally due to huge imports. On the week as of June 21st, imported soybean inventory is 4,480,200 tonnes in main domestic coastal oil mills, up 216,100 tonnes by 5.07% from 4,264,100 tonnes last week yet down by 28.09% from 6,231,100 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 trading volume of soybean meal is at a relatively low level this week with slow delivery. As of this Friday, the total trading volume is pegged at 462,400 tonnes, a decline of 4.05% from 482,000 tonnes last week. The inventory also continues to rises on the 1.79-mln-tonne of soybean crush. On the week as of June 21st, soybean meal stockpiles in main domestic coastal oil mills total 852,800 tonnes, up 92,800 tonnes by 12.21% from 760,000 tonnes last week yet down by 31.12% from 1,238,200 tonnes a year earlier. The inventory will slow down its growth next week on lower output as soybean crush will fall to around 1.75 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 continue to reduce this week. On the week as of June 21st, outstanding contracts in domestic main areas hold 3,064,300 tonnes unfinished, down 596,100 tonnes by 16.27% from 3,664,300 tonnes last week and markedly down by 45.36% from 5,608,900 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
