According to Cofeed, on the week as of July 26th, details of soybean oil inventories and outstanding contracts are as follows:

　　

Unit: 0’000 tonne

　　

In spite of another pickup, the operation rate still remains low due to swelling soybean meal inventory in some mills this week (July 20th-26th). Soybean crush totals 1,567,600 tonnes (meal 1,238,404 tonnes and oil 297,844 tonnes), an increase of 62,000 tonnes by 4.11% from 1,505,600 tonnes last week. Meanwhile, utilization rate (capacity utilization) is 43.88%, up 1.74 percentage points from 42.14% last week. As the operation rate will continue to recover in the next two weeks for slightly eased swelling inventories with quicker deliveries, soybean crush is predicted to return to around 1.59 mln tonnes next week and to around 1.80 mln tonnes the following week. 

Soybean oil inventory has decreased this week, especially in East China. On the week as of July 26th, the inventory has totaled 1,439,500 tonnes, down 20,000 tonnes by 1.37% from 1,459,500 tonnes last week, down 40,500 tonnes by 2.07% from 1,480,000 tonnes month-on-month, and down 130,500 tonnes by 8.31% from 1,570,000 tonnes year-on-year. And the five-year average at the same period is 1,297,200 tonnes.

Fig.: China’s Soybean Oil Stocks in Recent Years