According to Cofeed, on the week as of June 28th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
This week (June 22nd-28th), as mills have lowered their utilization rate, soybean crush reaches a total of 1,730,800 tonnes (meal 1,367,332 tonnes and oil 328,852 tonnes), a reduction of 61,600 tonnes by 3.42% from 1,792,400 tonnes last week. Meanwhile, utilization rate (capacity utilization) is 48.44%, down by 1.85 percentage points from 50.17% last week. The declines is contributed to the steam at Tianjin Port which has resulted in downtime in several mills, and to the swelling inventories of soybean meal or oil in some other mills. The crush is predicted to fall to around 1.52 mln tonnes as mills are to reduce the utilization rate sharply next week, but will return to around 1.68 mln tonnes the following week.
And soybean oil inventory has thus declined at a very small pace this week. On the week as of June 28th, the inventory has totaled 1,483,350 tonnes, down 50 tonnes by 0.001% from 1,483,400 tonnes last week, up 50,550 tonnes by 3.53% from 1,432,800 tonnes month-on-month, and down 14,450 tonnes by 0.96% from 1,497,800 tonnes year-on-year. And the five-year average at the same period is 1,213,200 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
