Soybean Oil Stocks in China Weekly (Week 28, 2019)
According to Cofeed, on the week as of July 12th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
As the utilization rate remains at a low level in spite of a slight pickup due to swelling soybean meal inventories, soybean crush totals 1,523,600 tonnes (meal 1,203,644 tonnes and oil 289,484 tonnes), an increase of 110,800 tonnes by 7.84% from 1,412,800 tonnes last week. Meanwhile, utilization rate (capacity utilization) is 43.67%, up by 4.3 percentage points from 39.54% last week. The crush is predicted to fall to around 1.48 mln tonnes amid a slight decline in utilization rate next week, but it will climb higher to around 1.65 mln tonnes the following week.
And soybean oil inventory has thus slightly increased this week. On the week as of July 12th, the inventory has totaled 1,441,650 tonnes, up 4,650 tonnes by 0.32% from 1,437,000 tonnes last week, down 6,350 tonnes by 0.44% from 1,448,000 tonnes month-on-month, and down 127,850 tonnes by 8.15% from 1,569,500 tonnes year-on-year. And the five-year average at the same period is 1,264,800 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
