According to Cofeed, on the week as of September 13th, details of soybean oil inventories and outstanding contracts are as follows:

　　

 

This week (Sept. 6th-13th), as the operation rate continues dropping for swelling meal inventory in South China, soybean crush totals 1,799,700 tonnes (meal 1,421,763 tonnes and oil 341,943 tonnes), a reduction of 13,450 tonnes by 0.74% from 1,813,150 tonnes last week. Meanwhile, the operation rate (capacity utilization) is 49.74%, down 0.76 percentage points from 50.50% last week. Soybean crush is expected to fall further next week and to rise again that following week, of which it will be at around 1.75 mln tonnes and 1.80 mln tonnes, respectively.

 

With the decline in operation rate, soybean oil inventory also continues to fall. On the week as of September 13th, the inventory has totaled 1,330,660 tonnes, down 1,160 tonnes by 0.09% from 1,331,820 tonnes last week, down 34,340 tonnes by 2.52% from 1,365,000 tonnes last month, and down 256,840 tonnes by 16.18% from 1,587,500 tonnes of the corresponding period last year. And the five-year average at the same period is 1,291,800 tonnes.

 

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