Soybean Oil Stocks in China Weekly (Week 29, 2019)
According to Cofeed, on the week as of July 19th, details of soybean oil inventories and outstanding contracts are as follows:
Unit: 0’000 tonne
As the utilization rate has dropped further for swelling soybean meal inventories and machine maintenance, soybean crush totals 1,505,600 tonnes (meal 1,189,424 tonnes and oil 286,064 tonnes), a reduction of 18,000 tonnes by 1.18% from 1,523,600 tonnes last week. Meanwhile, utilization rate (capacity utilization) is 42.14%, down by 1.53 percentage points from 43.67% last week. The crush is predicted to increase to around 1.64 mln tonnes next week and to 1.82 mln tonnes the following week as the utilization rate will grow with eased soybean meal inventory under quicker delivery.
Despite a further decline in the utilization rate, soybean oil inventory has slightly increased this week due to slow delivery under dismal demand. On the week as of July 19th, the inventory has totaled 1,459,500 tonnes, up 17,850 tonnes by 1.24% from 1,441,650 tonnes last week, down 14,900 tonnes by 1.01% from 1,474,400 tonnes month-on-month, and down 110,500 tonnes by 7.04% from 1,570,000 tonnes year-on-year. And the five-year average at the same period is 1,283,300 tonnes.
Fig.: China’s Soybean Oil Stocks in Recent Years
