According to Cofeed, on the week as of August 2nd, details of soybean oil inventories and outstanding contracts are as follows:

　　

Unit: 0’000 tonne

This week (Jul. 27th-Aug. 2nd), the operation rate has dropped again due to continued pressure from soybean meal inventory and some emergency shutdowns for typhoon Wipha in Guangdong. Soybean crush totals 1,492,600 tonnes (meal 1,179,154 tonnes and oil 283,594 tonnes), a reduction of 75,000 tonnes by 4.78% from 1,567,600 tonnes last week. Meanwhile, the operation rate (capacity utilization) is 41.78%, down 2.1 percentage points from 43.88% last week. Amid the pickup in operation rate, soybean crush is predicted to return to around 1.60 mln tonnes next week and to around 1.80 mln tonnes the following week. 

Due to the decline in operation rate and quickened deliveries with the start of the stockpiling for packing oil, soybean oil inventory has dropped at a great pace this week. On the week as of August 2nd, the inventory has totaled 1,388,200 tonnes, down 51,300 tonnes by 3.56% from 1,439,500 tonnes last week, down 91,800 tonnes by 6.2% from 1,480,000 tonnes last month, and down 209,300 tonnes by 13.1% from 1,597,500 tonnes of the corresponding period last year. And the five-year average at the same period is 1,319,960 tonnes.

　　

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