Soybean: Soybean inventory makes a turn to decrease this week as its crush goes up to 1.65 mln tonnes. On the week as of August 9th, imported soybean inventory is 5,497,200 tonnes in main domestic coastal oil mills, down 47,300 tonnes by 0.93% from 5,544,500 tonnes last week and down by 21.33% from 6,988,500 tonnes of the same period last year. As soybean import estimate is pegged at a high level in the third quarter, its inventory is likely to increase later. 

Fig. 1: China’s coastal soybean carry-over stocks in recent years

Soybean meal: Soybean meal inventory climbs higher this week as its output grows with soybean crush. On the week as of August 9th, soybean meal stockpiles in main domestic coastal oil mills total 859,000 tonnes, up 16,800 tonnes by 1.99% from 842,200 tonnes last week yet down by 25.93% from 1,158,300 tonnes of the corresponding period last year. As the crush will return to around 1.70 mln tonnes and 1.71 mln tonnes in the coming two weeks, soybean meal inventory is predicted to increase fractionally.

Fig. 2: China’s coastal soybean meal carry-over stocks in recent years

Outstanding contracts: The amount of soybean meal in outstanding contracts continues to increase this week. On the week as of August 9th, outstanding contracts in domestic main areas hold 4,228,800 tonnes unfinished, up 49,900 tonnes by 1.19% from 4,178,900 tonnes last week yet markedly down by 36.04% from 6,612,000 tonnes of the same period last year.

Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years