According to Cofeed, on the week as of September 6th, details of soybean oil inventories and outstanding contracts are as follows:

 

This week (August 31st-September 6th), for swelling soybean meal inventory and soybean shortages among some southern mills, the operation rate has declined as forecast. Soybean crush thereby totals 1,813,150 tonnes (meal 1,432,388 tonnes and oil 344,498 tonnes), a reduction of 87,250 tonnes by 4.59% from 1,900,400 tonnes last week. Meanwhile, the operation rate (capacity utilization) is 50.50%, down 2.69 percentage points from 53.19% last week. Soybean crush is expected to stay at a relatively high level of above 1.80 mln tonnes in coming two weeks, of which it will be at around 1.82 mln tonnes next week and 1.85 mln tonnes that following week. 

 

Soybean oil inventory thus follows to drop. On the week as of September 6th, the inventory has totaled 1,331,820 tonnes, down 4,530 tonnes by 0.34% from 1,336,350 tonnes last week, down 43,180 tonnes by 3.14% from 1,375,000 tonnes last month, and down 268,180 tonnes by 16.76% from 1,600,000 tonnes of the corresponding period last year. And the five-year average at the same period is 1,300,400 tonnes.

 

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