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Soybean and Soybean Meal Stocks and Amounts in Contracts in China (Week 38, 2019)

According to Cofeed, on the week as of September 20th, details of soybean stocks and  soybean meal stocks and outstanding contracts in China are as follows:


Soybean: Imported soybean inventory has continued to decrease this week as soybean crush is raised to 1.82 mln tonnes. On the week as of September 20th, imported soybean inventory is 4,721,800 tonnes in main domestic coastal oil mills, down 615,300 tonnes by 11.53% from 5,337,100 tonnes last week and down by 34.75% from 7,237,000 tonnes of the same period last year. The inventory may also reduce next week as soybean crush is predicted to be about 1.83 mln tonnes, but it may mount slightly higher after the National Day holiday, during which operation rates will be cut down sharply. 


Fig. 1: China’s coastal soybean carry-over stocks in recent years
  
Soybean meal: With the growth in soybean crush, soybean meal inventory also posts rises. On the week as of September 20th, the inventory totals 766,300 tonnes, up 24,300 tonnes by 3.27% from 742,000 tonnes last week yet down by 11.55% from 866,400 tonnes of the corresponding period last year. Downstream buyers this week will make final preparations for the holidays, so the inventory is predicted to only have a small increase. 

 
Fig. 2: China’s coastal soybean meal carry-over stocks in recent years

Outstanding contracts: The amount of soybean meal in outstanding contracts continues to decrease this week. On the week as of September 20th, outstanding contracts in domestic main areas hold 3,527,300 tonnes unfinished, down 548,400 tonnes by 13.46% from 4,075,700 tonnes last week and by 31.08% from 5,118,000 tonnes of the same period last year.
 

Fig. 3: China’s coastal soybean meal in outstanding contracts in recent years