According to Cofeed, on the week as of September 6th, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions of China are as follows:
Soybean: The inventory has decreased this week, as mills have raised their crush to a fresh high this year of 1.90 mln tonnes. On the week as of August 30th, imported soybean inventory is 5,233,200 tonnes in main domestic coastal oil mills, down 157,200 tonnes by 2.92% from 5,390,400 tonnes last week and down by 24.86% from 6,964,900 tonnes of the same period last year. However, its supply will be not a problem for the moment as soybean import estimate is pegged at a high level in August and September.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: The inventory has mounted a little higher this week due to a sharp increase in soybean crush. On the week as of August 30th, soybean meal inventory in main domestic coastal oil mills totals 776,600 tonnes, up 44,900 tonnes by 6.14% from 731,700 tonnes last week yet down by 34.62% from 1,188,000 tonnes of the corresponding period last year. As soybean crush will stay high at 1.85 mln tonnes and 1.76 mln tonnes in the coming two weeks, soybean meal inventory is predicted to post slight increases.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts continues reducing this week due to the amount accumulated in August and new contracts in September. On the week as of August 30th, outstanding contracts in domestic main areas hold 3,480,900 tonnes unfinished, down 186,300 tonnes by 5.08% from 3,667,200 tonnes last week and by 34.30% from 5,298,600 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
