According to Cofeed, on the week as of September 13th, details of soybean stocks and soybean meal stocks and outstanding contracts in coastal regions of China are as follows:
Soybean: Imported soybean inventory has decreased slightly this week with small amount unloaded and arriving at ports. On the week as of September 13th, imported soybean inventory is 5,337,100 tonnes in main domestic coastal oil mills, down 34,900 tonnes by 0.65% from 5,237,200 tonnes last week and down by 24.31% from 7,051,900 tonnes of the same period last year. Soybean supply is not a problem for the moment.
Fig. 1: China’s coastal soybean carry-over stocks in recent years
Soybean meal: Soybean meal inventory has decreased slightly this week as its trading has increased by 24.9% weekly to 834,700 tonnes as of this Thursday. The trading has turned better as downstream buyers make replenishment upon falling prices and ahead of the Mid-autumn Festival. On the week as of September 13th, the inventory totals 742,000 tonnes, down 47,800 tonnes by 6.05% from 789,800 tonnes last week and down by 20.88% from 937,900 tonnes of the corresponding period last year. Although soybean crush is predicted to fall to 1.75 mln tonne next week, soybean meal inventory may just change a little amid slower demand after the festival.
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years
Outstanding contracts: The amount of soybean meal in outstanding contracts decreases this week. On the week as of September 13th, outstanding contracts in domestic main areas hold 4,075,700 tonnes unfinished, down 356,800 tonnes by 8.05% from 4,432,500 tonnes last week and by 24.48% from 5,396,900 tonnes of the same period last year.
Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years
