According to Cofeed, on the week as of August 30th, details of soybean oil inventories and outstanding contracts are as follows:

　　

 

This week (Aug. 24th-30th), soybean crush has continued climbing to a new high this year as mills are satisfied about improved soybean meal delivery. Thereby, the crush totals 1,900,400 tonnes (meal 1,501,316 tonnes and oil 361,076 tonnes), an increase of 195,600 tonnes by 11.47% from 1,704,800 tonnes last week. Meanwhile, the operation rate (capacity utilization) is 53.19%, up 5.47 percentage points from 47.72% last week. As several mills in South China may suspend production for swelling soybean meal inventory, soybean crush is predicted to drop slightly to around 1.85 mln tonnes next week and to around 1.76 mln tonnes the following week. 

 

Soybean oil inventory thus follows to rise. On the week as of August 30th, the inventory has totaled 1,336,350 tonnes, up 16,850 tonnes by 1.28% from 1,319,500 tonnes last week, down 83,650 tonnes by 5.89% from 1,420,000 tonnes last month, and down 303,650 tonnes by 18.51% from 1,640,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,315,980 tonnes.

 

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